itambe payment due......., page-2

When the acquisition of the initial 10% interest Mineraçao Marsil Ltda announcement was made on February 21 it strated in part;

"Centaurus has the right to acquire up to 60% of Mineraçao Marsil Ltda as JORC compliant resources are defined at the Liberdade iron project."

The chart of JORC resources for use in the calculation of payments and level of ownership was;

"Equal or under 5 million tones of iron ore No additional payments

From 5.1 to 10 million tones of iron ore US$4,500,000.00

From 10.5 to 15 million tones of iron ore Additional US$1,500,00.00

From 15.1 to 25 million tones of iron ore Additional US$2,000,000.00

From 25.1 to 35 million tones of iron ore * Additional US$2,000,000.00"


So with the initial JORC coming in at 5.31 million tonnes, does that now trigger a US$4.5million payment in return for increased % ownership?

I guess I need to re-read it more thoroughly again!

Happy days!

Cabe