APPLICATION AND TRANSFER OF NEW EXPLORATION LICENCE Sample Clauses

APPLICATION AND TRANSFER OF NEW EXPLORATION LICENCE. 1.1 Immediately following the execution of this Agreement, Party A shall prepare and submit to the relevant administrative and/or governmental authority (or authorities) all documents, instruments and certificates necessary to transfer the Exploration License to Party B. Party A shall ensure that the Exploration License is transferred to Party B within 30 calendar days after the execution of this Agreement. Except as expressly set forth herein, the new exploration license to be issued to Party B (“New Exploration License”) shall contain the same terms, conditions and provisions as those set forth in the Exploration License issued to Party A. 1.2 Without limiting the generality of the foregoing, the New Exploration License shall confirm the rights and privileges granted to Party B, including without limitation, exploration rights for a term of no less than two (2) years from the date of issuance of the New Exploration License. Further, without limiting the generality of the foregoing, the New Exploration License shall provide rights for commercial exploitation and extraction of minerals and precious metals, all on terms acceptable to Party B.
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