If they don't complete the specifics of the agreement by April which looks likely then the new partener can take back the 75% for only $6 million dollars or the total of exploration spent by Eagle Hill at that point in time. This is not good news because it was unlikely Noront would push Eagle Hill out but the new partnet looks intent on it IMHO.


The Company has one year from April 20, 2012, to either complete a bankable feasibility study demonstrating a minimum after tax internal rate of return of 15% on the Property or give notice to the Optionor of its commitment to cause the Commencement of Commercial Production from the Property (which notice shall specify the number of tons of proven and probable ore reserves on the property at the time estimated by the Company and the anticipated annual rate of production).  If the Company does not deliver the above within the specified time frame the Optionor has the option to purchase back the Company’s 75% interest in the property for the lessor of i) an amount equal to the expenses incurred by the Optionee and ii) $6 million;