OPTION AGREEMENT	9 Months Ended
Jul. 31, 2011
OPTION AGREEMENT	(14) OPTION AGREEMENT Pursuant to the LIMO Deed, as amended, the Company has paid the first and second tranches of Option Fees of $270,000, along with associated costs of $20,000 (see note 13). The third Option fee of $135,000, was paid in August, 2011, after LIMO completed certain conditions detailed in the agreement. The Company has 60 days from the date of the last option payment to exercise the option to purchase 20% of the Joint Venture for $1.35 million, inclusive of the option fees of $405,000.

OPTION AGREEMENT

9 Months Ended

Jul. 31, 2011

(14) OPTION AGREEMENT

Pursuant to the LIMO Deed, as amended, the Company has paid the first and second tranches of Option Fees of $270,000, along with associated costs of $20,000 (see note 13).

The third Option fee of $135,000, was paid in August, 2011, after LIMO completed certain conditions detailed in the agreement. The Company has 60 days from the date of the last option payment to exercise the option to purchase 20% of the Joint Venture for $1.35 million, inclusive of the option fees of $405,000.