Ok, I checked last year's announcements. On the 30th of June...

Ok, I checked last year's announcements. On the 30th of June 2011 there was an announcement where it is mentioned how it is being done:

"As detailed in KRE’s IPO Prospectus, the Joint Venture Agreement entitles the Company to unencumbered rights to the Project through meeting earn in commitments in three stages. The first stage has been achieved and the Company currently has unencumbered ownership of 25% of the Project.

Achievement of the second stage is in progress with the commencement of exploration as detailed in the 16 June announcement. KRE immediately earns unencumbered ownership of an additional 30% equity (to 55%) upon the completion of $10M exploration spend over within 4 years.

KRE then has the ability to earn a further 25% (to 80%) equity in the Project through the delivery of a bankable feasibility study.

KRE is not aware of any material risks that would affect the Company’s current tenure, its ability to earn additional equity or its management rights under the Joint Venture Agreement, provided that KRE continues to meet its obligations under that Agreement."

So, the word "unencumbered" in the 1st and 2nd paragraph is the key word here, right?