Minex Management

In September 2007 Target signed a management agreement with MinEx Group Associates to develop two fully equipped mining camps with plant and machinery to be purchased and owned by Target. The main terms are:

	MinEx will provide the services of a professional team, sufficient to assure the execution of the project outlined in their mining plan report submitted to Target in July 2007.
	MinEx will select the equipment required for the project, including earthmoving and processing plant, to be purchased by Target.
	Agreement for continuing management by MinEx for a period of 3 years following the final commissioning of the project.
	MinEx will be rewarded with 15% of diamond revenue AFTER deduction of all Sierra Leone operational costs – i.e operational costs need to be below 15% of revenue for MinEx to start making any profit.
Target retains ownership of diamonds and responsibility for selling at all times.