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Abstract
L'Office des Mines d'Or de Kilo-Moto, a Congolese company ("OKIMO") is a State owned mining company that is the registered holder of licences covering approximately 83,000 sq kms in the north east of the Democratic Republic of Congo ("DRC"). Subsidiaries of Moto are party to seven separate agreements with OKIMO in respect of approximately 5,375 sq kms of the licences held by OKIMO (the "Moto JV Area"). Under the current contractual arrangements, Moto is earning an interest of either 60% or 68.5% to mineral rights in the Moto JV Area, Orgaman sprl has an interest of either 10% or 11.5% and OKIMO has a 30% or 20% non-dilutable interest. Those portions of the Moto JV Area on which the majority of the resources have been identified to date are all areas in which Moto is earning a 60% interest.