PDI previously signed a Heads of Agreement with Toro Gold on the Company's entire Cote D'Ivoire ground holding
Toro will spend US$1 million to earn 51% in PDI's Cote D'Ivoire subsidiary, Predictive Discovery Cote D'Ivoire SARL (Predictive CI), which holds all of PDI's Cote D'Ivoire ground (Figure 6);
Toro will pay US$200,000 in cash to PDI on completion of legal due diligence and execution of a full Joint Venture document within 90 days of signature of the HOA;
Assuming that Toro earns the initial 51%, Toro will make further cash payments of up to US$100,000 in the following 24 months;
After Toro has earned 51%, PDI may choose to contribute or dilute in stages. If PDI chooses to dilute, Toro can earn 65% by spending US$2.5 million and up to 90% by sole funding through to a full feasibility study;
Toro's minimum commitment is US$400,000 expenditure within 12 months; and
An exploration program covering the first US$1 million of expenditure will be agreed between PDI and Toro
