GNZ can earn 50% interest in project.Under the terms of the farm-in, Goldnev has the right to earn up to a 50% working interest in the Pasquia Hills oil shale permits and project over the next 5 years by investing a total of $5,000,000. All funding will be applied directly towards exploration and development which will begin this fall. The initial tranche requires $200,000 to be paid by July 15, 2007, of which $50,000 was paid on the signing of the agreement. An additional $300,000 is required by September 30, 2007 followed by $1,000,000 by August 2008, upon which Phase 1 of the funding ($1,500,000) will be completed and a 33 1/3% working interest in the combined permits will have been earned by Goldnev. Subsequent funding of $3,500,000 will follow over the next three years, resulting in proportionate earning of an additional 17% bringing the total working interest earned in the permits to 50% percent. The first $500,000 dollars advanced on the project will be used for seismic and geological mapping program and to fund a core hole drilling program that will delineate the size and scope of the oil shale resources on these permits.