The Ity gold mine is located in western Côte d’Ivoire about 700 km from Abidjan. Ity consists of several separate open pits and the operator has recently been focused on higher grade areas obtained from the Mount Ity pit. The project is presently operated by Société des Mines d’Ity which is owned 45.9% by COMINOR, a wholly owned subsidiary of La Mancha Resources Inc. (“La Mancha”), 44.1% by the Société d’État pour le Développement Minier de la Côte d’Ivoire and 10% by the Côte d’Ivoire government. Franco-Nevada owns a royalty that was created when Normandy sold its 51% interest in Ity to COGEMA (later COMINOR.) Franco-Nevada has an approximate 1% NSR on overall mine production over 13 tonnes produced from the start of 2001 and an approximate 1.5% NSR on overall mine production over 21 tonnes from the same date. The royalty ceases once production reaches 35 tonnes. To the end of 2010, the mine had produced approximately 12.96 tonnes leaving about 0.04 tonnes (~1,300 oz) before reaching the first royalty threshold. La Mancha reported that the current reserves represented a potential ten year mine life. La Mancha estimated total mine production for 2011 of 26,140-43,570 ounces which indicates the royalty is expected to be payable in early 2011. Operations were interrupted in December due to the agitation surrounding the country’s uncertain political future. The situation in the Zouan Hounien area, where the mine is located, stabilized enough in mid-January to allow mining activities to resume but in February mining operations had to be suspended once again.