Net Smelter Return

NSR royalty is based on the gross

revenue received by the mine less

costs incurred subsequent to

concentrating, which includes

smelting, refining, marketing,

transportation, and insurance. Usually

no provision is made for deducting

direct mine operating costs. The NSR

royalty is simple and straight forward, blah blah. (Pincock et al)

Or something like that. You see them all the time. We didn't get one because DeBeers already has one as someone pointed out. Would have been a decade or so til we saw a cheque anyway so not a huge issue. Also if a company has adjoining properties to mine and an NSR on yours, they can choose to mine theirs and sit on yours for decades more.

I used to have some Probe, and I think that situation occurs there, with Agnico Eagle tho I don't know how that is progressing.

TTFN

LTATW (For Vancouver Folks)

Truck