Planet’s only Mongolian property, the Argalant (Ovoot) property (2,090 hectares) is located in Zavkhan province, Mongolia, lies in the southeastern portion of the Bayan-Airag gold-copper region of the Urgamal - Zavakhanmandeal metallogenic belt. In October, 2005, for a consideration of a non-refundable $100,000 (US), the Company entered into an agreement with Red Hill Energy Inc. (RH), formerly UGL Enterprises (“UGL”) entitling RH to earn 60% of the Company’s interest in the Argalant property by conducting a minimum of $1,500,000 (US) in exploration prior to October, 2008. If RH conducts the required exploration, it has the option to purchase an additional 20% for $1,000,000 (US) before April 6, 2009.