response from dave - director of inl, page-3

A Further Response from Dave Sammut and Philip Wood

Hi Mike & Steve,

It is even later this evening, and Philip has offered some further comments for the Forum. He notes that JS Nippon already had some limited rights to access the Intec Copper Process as a "club licencee" from its investment during the 1990s. JX Nippon visited Intec's St Peters demontration plant multiple times throughout 1998 to 2000, and under its "club licence" operated an Intec Copper Process pilot plant in Japan during the early noughties.

The current agreement sells for A$5 million some non-exclusive limited additional rights to Intec's patents on copper and gold, as well as giving Intec access to JX Nippon's technology in the event that it might be useful to us. It doesn't prevent Intec or our partners from pursuing our own projects, nor does it extend access to JX Nippon for Intec's other intellectual property - the galvanizing patent, the zinc patents, the metalliferous oxides patents, and so forth.

The wording of today's announcement was pretty restricted, having been dictated by the terms of the agreement. We would have liked to say more up front, but we have the opportunity to do so over the coming days.