A Deed of Assignment was entered into between Olympic Mines and Development Corp. and Citinickel dated June 21, 2006, by virtue of which, all interests, rights and title of OMDC in its Application for Mineral Production Sharing Agreement designated as AMA- IV-B- 40 was transferred to Citinickel.

On January 3, 2007, the Republic of the Philippines entered into a Mineral Production Sharing Agreement with Citinickel, whereby Citinickel is appointed as a Contractor by the Republic of the Philippines and as such is given the exclusive authority to conduct mining operations in the Contract Area located in Narra and Sofronio, Espanola, Palawan.

The primary objective of the MPSA is to provide for the rational exploration, development and commercial utilization of nickel, chromite and other associated mineral deposits existing within the Contract Area. Citinickel, as the Contractor, shall provide or arrange for all the necessary services, technology and financing for the conduct of the mining operations.

During the term of the Agreement, Citinickel as the Contractor shall assume all the exploration risk and shall divide with the Government the total value and sale of minerals derived from the mining operations.

The MPSA has a term of 25 years from its effectivity date, or for a period commencing on January 3, 2007 until January 3, 2032.