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REPUBLIC OF LIBERIA

MINISTRY OF LANDS, MINES AND ENERGY

P.O. BOX 10-9024

1000 MONROVIA 10

LIBERIA, WEST AFRICA



License Number: MEL 12014



MINERAL EXPLORATION LICENSE



This License is hereby granted by the Government of Liberia, through the Ministry of Lands, Mines and Energy (the âMinistryâ). to Southern Cross Investment Limited (the âLicenseeâ).



SECTION 1. SCOPE OF LICENSE



1.1.This License entitles (b) the Liberia Minerals

the Licensee to explore and Mining Law of 2000,

for the minerals identified the Liberia Revenue Code

in Section 1.2 in the of 2000, the environme-

exploration area defined in ntal laws and regulati-

Section 3 of this License ons of the Republic of

(the âExploration Areaâ) in Liberia and all other

order to ascertain the applicable laws and

existence, location, regulations of the

quantity, and quality or republic of Liberia.

commercial value of

deposits in the Exploration as such laws and regula-

Area of such minerals. tions may from time to

time be amended, modif-

1.2.The mineral covered by ed or supplemented.

this License is: Iron Ore



SECTION 2. EFFECTIVE DATE 4.2 The Exploration Area

The Effective Date of this granted by this License

License is the date on which excludes areas within

it is approved by the Minister. the Exploration Area

excluded by Section 10

of the Minerals and

Mining Law and areas

subject to Class B

mining licenses

previously granted by

the Republic of Liberia,

and the License shall

not interfere with the

activities of licenses

under such licenses.



SECTION 3. EXPLORATION AREA 4.3. The Licensee will

The Exploration Area covers be required under the

approximately 349.13 sq km exploration regulations

in area defined by the UTM to make detailed

coordinates of SPATIAL quarterly reports of all

REFERENCE (WGS84 UTM GRJD field and sampling

ZONE 29N) set forth below: activities, and results

and to make quarterly

Vertices|Easting|Northing deposits with the

1 494000 668000 Ministry of all

2 494000 652000 geographical information

3 487000 652000 and samples gained from

4 487000 650000 its exploration work in

5 481000 650000 the Exploration Area,

6 481000 647662 other than that portion

7 474500 647662 of the samples subjected

8 474500 668000 to destructive analysis

or testing, in each case

within specified periods

after the end of a

quarter.



4.4. The initial term of

this License is three

years from the Effective

Date, subject to the

ability of the Ministry

in accordance with the

exploration regulations

to terminate this

License for non-

compliance with the

regulations or other

applicable law. If the

Licensee is in

compliance with its

obligations during the

initial term it will be

entitled to a two year

extension of its License

with respect to a

portion of the

Exploration Area on the

terms set forth in the

Minerals and Mining Law

of 2000 and the

exploration regulations.



SECTION 4. CONCERNING THE 4.5. If the License

LICENSE discovers in the

Exploration Area

4.1. This License and the exploitable deposits of

rights of the Licensee the minerals referred to

here under are subject to: in Section 1.2 and has

(a) exploration regulations complied during the

to be issued by the Minister exploration period with

of Lands, Mines and Energy its obligations under

(the âMinsterâ) pursuant to the Mining Law, the

the authority granted the exploration regulations,

Minister under the Liberia and other applicable Law

Migraines and Mining Law of it will have the right

2000 (the âexploration to enter into a Mineral

regulationsâ), and Development Agreement(in

the form then generally

used by the Ministry in

circumstances in which

known deposits are not

being put out for

tender) and to obtain a

Class A Mining License

for the mining of such

deposits in accordance

with the Minerals and

Mining Law and the

applicable regulations

of the Ministry

governing the issuance

of and operations under

a Class A Mining

license.













SECTION 5. BINDING ON GOVERNMENT Minister for Mineral Exploration and Approved by the Minister.



This License is duly issued and binding on the Government of Liberia when signed by the Assistant



Signed: [Signature]

Emmanuel O. Sherman

Assistant Minister

Mineral Exploration & Environmental Research



Approved: [Signature]

Roosevelt G. Jayjay

[Stamp: Ministry of Lands, Mines and Energy Republic of Siberia]

MINISTER



DATE: [Handwriting]



Attn: Map Attached:

[Map]



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