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ANNUAL REPORT 2012 On 27 July 2011, the Company announced that Edifica Participações Ltda (“Edifica”), Cleveland Mining’s Joint Venture partner in the Premier, Guarinhos and Baú projects, has exercised a purchase option for 50% of O Capitão. Edifica will pay Cleveland approximately $1 million (50% of all costs incurred on the project to date with the final figure still to be determined) to exercise the option and will contribute equally to all costs going forward.