NTL executes binding agreement with Newcrest, page-2

We got better terms than LNY by the looks of it. And Newcrest is actually giving NTL back part of Rahu. Any doubt that Newcrest does not need or want NTL is now beyond reason. GREAT WORK NTL.

Key terms of the agreement include:
o Should Newcrest spend NZ$5.0 million on the Rahu Project a Joint Venture will be established at that time and a direct 20% interest transferred to NTL.
o In the interim 20% of the Rahu project will be held on Trust by Newcrest on behalf of NTL subject to Ministerial consent.
o Newcrest will manage the exploration activity on the Rahu Project.
o If a joint venture is not established 100% of the project would be transferred to NTL subject to Ministerial consent.
o Upon formation of a joint venture each party will be required pay their respective exploration and development costs on a pro-rata basis.
o If NTL dilutes to below 10% equity, this equity would convert to a NetSmelter Return, (NSR) of 2.5%.