Exploration Expense definition

Exploration Expense means the sum of all monies spent in prospecting, exploring, geological or geophysical surveying, sampling, examining, diamond and other types of drilling, developing, dewatering, assaying, testing, constructing, maintaining and operating roads, trails and bridges upon or across the Property, buildings, equipment, plant and supplies, salaries and wages (including fringe benefits) of employees and contractors directly engaged therein, insurance premiums, and all other expenses ordinarily incurred in prospecting, exploring and developing mineral exploration and mining lands, but not including legal or accounting costs;

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Exploration Expense is defined as the sum of the costs shown on Borrower’s financial statements, prepared consistently with past statements, under the following categories: (i) drilling costs, (ii) leasehold costs, (iii) dry hole costs, (iv) geological costs, (v) geophysical costs, and (vi) delay rentals.

Exploration Expense means expenditures made from and after the Effective Date, in connection with the good faith evaluation, exploration or development of the Claims, whether conducted on or off the Claims, including: i. Maintaining the Claims in good standing with all governmental agencies, paying fees, wages, salaries and traveling expenses of all persons engaged in exploration thereon and all insurance costs relating to the Claims; ii. Acquisition of additional rights or interests in the Claims; iii. Searching title and curing title defects, including the purchase of conflicting rights; iv. Discharging any finder’s fee that may be due or owning as the result of the parties entering into this Agreement; v. Acquisition of public and private permits and authorizations required for operations on the Claims, including all costs to acquire or make bonds and deposits to secure or maintain such permits or authorizations and any bond or deposit amount forfeited under circumstances beyond the control of Optionee; and A2Kb Master Earn-In Agreement vi. Making payments to Optionors in lieu of Exploration Expenditures pursuant to this Agreement. After making any payments required by law to maintain the Claims in good standing, Optionee may tender to Optionor a cash payment equal to the unfulfilled Exploration Expenditures in full satisfaction thereof if necessary Optionee to maintain this Agreement in effect.

Examples of Exploration Expense in a sentence

For the purposes of determining the extent to which the portion of the proceeds allocated to the flow-through Shares has been the subject of renunciation under the INCOME TAX ACT, the total amount spent from the Exploration Account on Canadian Exploration Expense shall be allocated among the Purchaser and those other persons who have contributed to the Exploration Account on a basis pro rata to the relative amounts of their respective contributions to the Exploration Account.
For the purposes of determining the extent to which the portion of the proceeds allocated to the flow-through Shares has been the subject of renunciation under the Income Tax Act, the total amount spent from the Exploration Account on Canadian Exploration Expense shall be allocated among the Purchaser and those other persons who have contributed to the Exploration Account on a basis pro rata to the relative amounts of their respective contributions to the Exploration Account.
It is understood and agreed that Sphere in its capacity as Operator shall use its best efforts to ensure that the Expenditures constitute Canadian Exploration Expense (within the meaning of the Income Tax Act (Canada).
The Company will use the proceeds from the sale of the Flow-Through Shares to incur flow-through expenditures which qualify as 100% Canadian Exploration Expense (“CEE”), and will renounce said flow-through expenditures to the investors for the taxation year ending December 31, 2008.
If not sooner terminated, in the event that ANGLOGOLD elects not to make, or otherwise fails to make, the full expenditure for Exploration Expenses during any period it may, at its sole election, by the last day of that period, pay to RIMFIRE the difference between the amount required for that period and the amount actually expended in satisfaction of its Exploration Expense obligation for that period.
The Corporation will use the proceeds from the sale of the Flow-Through Shares to incur flow-through expenditures which qualify as 100% Canadian Exploration Expense and will renounce said flow-through expenditures to the investors for the taxation year ending December 31, 2007.
Vendor estimates that KEL Amalco and the Acquired Entities will have, on a combined basis, as of the Effective Date Canadian Oil and Gas Property Expense, Canadian Exploration Expense, Canadian Development Expense and undepreciated capital costs, in each case as defined in the Tax Act, (in this Clause 10.4, collectively the "Tax Pools"), totalling, in the aggregate, .
If in connection with such a review the Parties agree that an expenditure is not a valid Exploration Expense, or that the amount of required Exploration Expenses is deficient, then Nevada Canyon may satisfy its Minimum Work Requirement with respect to the deficiency by making a payment to W▇▇▇▇▇ River in the amount of the deficiency within thirty (30) days after W▇▇▇▇▇ River and Nevada Canyon agree as to the deficiency.
Each Exploration Expense Report will be deemed complete and accurate if such calculations in such report are not disputed in writing by the Optionors within 60 days following receipt by the Optionors of such Exploration Expense Report.

More Definitions of Exploration Expense

Exploration Expense means the exploration expenses spent or incurred by or on behalf of the Optionee since the Commencement Date (including, without limitation, those described in Subsection 3.2) in the conduct of exploration, development and evaluation activities on or in relation to the Claims including, without limitation: (i) in searching title and curing title defects; (ii) in acquiring Additional Property; (iii) in holding the Claims in good standing (including any monies expended as required to comply with Laws, such as for the completion and submission of assessment work and filings required in connection therewith), in defending title to the Claims; (iv) in preparing for and in the application for and acquisition of environmental permits and other Authorizations necessary or desirable to commence and complete exploration, development and evaluation activities on the Claims; (v) in doing geophysical and geological surveys, drilling, assaying and metallurgical testing, including costs of assays, metallurgical testing and other tests and analyses to determine the quantity and quality of minerals, water and other materials or substances; (vi) in acquiring services or facilities or the use thereof and for all parts, supplies and consumables, provided that any cost or expense paid or incurred in connection with properties or rights therein in which the Optionors have an interest but which are required for the development of the Claims will be reasonably and in good faith allocated according to the benefit or potential benefit to the Claims; (vii) for salaries and wages for employees assigned to exploration, development and evaluation activities; (viii) the expenses of all persons engaged in work with respect to and for the benefit of the Claims including for their travel, food, lodging and other reasonable needs; (ix) payments to contractors or consultants for work done, services rendered or materials supplied; (x) all taxes or other imposts levied against or in respect of the Claims or activities thereon and the cost of insurance premiums and performance bonds or other security; and (xi) an administrative charge equal to 3% of all Exploration Expense (other than expenditures on capital assets). The parties agree that the administrative charge is intended to compensate the Optionee for its home office overhead and general and administrative expenses incurred in managing the project and is not intended to result in net profit to the Optionee. The parties further agree that ...