Common use of Exploration Activities Clause in Contracts

Exploration Activities. The Company shall commence Exploration Activities within a period of two months after the Effective Date in accordance with the time schedule stipulated in the programme of activities set out in Appendix … (as submitted by licensee) hereto and shall adhere to such time periods or any modification thereto as provided for by this License. The Company shall carry out the programme of activities set out in Appendix … (as submitted by licensee) hereto. In carrying out such activities the Company shall spend in each contract year not less than the amount specified in such programme, or any agreed review thereof, in actual and direct Exploration expenditures. The Company, with the prior written notification of EMRA, may from time to time make such changes in the programme of activities and the expenditures specified therein as may be necessary and prudent in accordance with good mining industry practice; however, such changes shall not affect the minimum limits of expenditures specified in Section 3.0, taking into account the market conditions for gold and associated minerals and other relevant global economic conditions. Not later than 90 days prior to the expiration of each Exploration two-year period from the date on which this License enters into force in accordance with section 2.1 hereof, the Company and EMRA shall jointly undertake a review of the implementation of the plan of work for Exploration under this License. In the light of the review and in case the Company wishes to renew the Exploration period, the Company shall indicate its programme of activities for the following two-year period, including a revised schedule of anticipated yearly expenditures, making such adjustments to its previous programme of activities as are necessary. Appendix 2 hereto shall be adjusted accordingly.

Exploration Activities. (a) The Company shall commence Exploration Activities within a period of two months after the Effective Date of Commencement of Exploration, in accordance with the time schedule stipulated in the programme for the first year of activities Exploration Activities set out in Appendix … (as submitted by licensee) Annex A-2 hereto and shall use commercially reasonable efforts to adhere to such time periods or any modification thereto as provided for by this License. The Company shall carry out the programme program of activities set out in Appendix … (as submitted by licensee) Annex A-2 hereto. In carrying out such activities the Company shall spend in each contract year not less than the amount specified in such programmeprogram, or any agreed review thereof, in actual and direct Exploration expenditures. The Company, with the prior written notification of EMRA, may from time to time make such changes in the programme program of activities and the expenditures specified therein as may be necessary and prudent in accordance with good mining industry practice; however, such changes shall not affect the minimum limits of expenditures specified in Section 3.0, taking into account the market conditions for gold Gold and associated minerals Associated Minerals and other relevant global economic conditions. Not later than 90 days prior to the expiration of each Exploration two-year period from the date on which this License enters into force in accordance with section 2.1 hereof, the Company and EMRA shall jointly undertake a review of the implementation of the plan of work for Exploration under this License. In the light of the review and in case the Company wishes to renew the Exploration period, the Company shall indicate its programme program of activities for the following two-year period, including a revised schedule of anticipated yearly expenditures, making such adjustments to its previous programme program of activities as are necessary. Appendix Annex- 2 hereto shall be adjusted accordingly.