Our recent activities have included:

• Continued efforts to ensure timely payment of the arbitral award (the “Arbitral Award” or “Award”) issued by the tribunal (the “ICSID Tribunal” or “Tribunal”) of the International Center for Investment Disputes (the “ICSID”) on September 22, 2014 in connection with Venezuela’s seizure of our Brisas Project.
• Sustained communication with representatives of Venezuela to collect the Award which led to the signing on February 24, 2016, of a Memorandum of Understanding (“MOU”) with Venezuela that contemplates settlement, including payment and resolution, of the Award, the transfer of the related technical mining data previously compiled by the Company, as well as the joint development of the Brisas and the adjacent Cristinas gold-copper project, which will be combined  into one project (the “Brisas-Cristinas Project”).
• Extended the expiry date of the MOU to July 15, 2016 while continuing negotiations with representatives of Venezuela to finalize formal documents contemplated in the MOU.

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