The planned strengthening of the Company through a financial and operational restructuring is progressing well:

• The terms of the Company’s convertible bond loan have been changed; the interests for the two first years will be rolled-up and the tenor extended with two years, giving maturity in September 2012,
• An exploration loan facility with pledge against the tax refund receivables has been secured,
• Reduction of costs and staff implemented,
• The geographic and strategic refocus is well in progress to divest non-core assets and reduce exploration exposure.

The positive outcome of these processes has improved the Company’s financial foundation and will ensure focused deployment of funds for value creation on existing licenses as well as new business opportunities.