75%
12 November 2010
Upon identifying an appropriate opportunity, an unincorporated joint venture will be established to acquire the project assets. CEO will hold a maximum 90% interest in the joint venture, with Trinity having a 10% free carried interest until the project has achieved a 200Mt JORC compliant indicated or inferred resource. Upon reaching this milestone Trinity will be required to contribute to expenditure on the JV project proportional to their interest.
Trinity will also have the election to participate in an additional 15% interest in the project, within 60 days from the establishment of the joint venture. This interest will be acquired upon Trinity reimbursing to CEO all costs paid by CEO, up to the time of Trinity's election, that are attributable to the project on a proportionate basis.
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