In June 2003 Romanex (Guyana) Ltd the prior property operator applied for conversion of the Prospecting License to a Mining License and on April 17, 2009 Mining License (ML1/2009) was granted. Pursuant to Guyanese law the application consisted of a Positive Feasibility Study, Mine Plan, an Environmental Impact Statement and an Environmental Management Plan. As provided for in the Mining Act of 1989 the rental for a Mining License is currently fixed at US$5.00 per acre per year. The Mining License was granted for a twenty year term with a right of renewal for an additional seven years or the life of the deposit whichever is shorter. Production of gold from the Marudi Property is subject to payment to the Government of Guyana as a 5% ad valorem tax on gold and 1.5% on all other minerals produced. Approval of the Mining License allows for tax free importation of all equipment, supplies, and spare materials to be used in the production of gold and other minerals from the Marudi Property. Additionally, production records must be maintained, annual reports filed and reclamation completed when the operation ceases.