To earn a 51 percent interest in the Chisna property Ocean Park Ventures subsidiary, Ocean Park Alaska Corp., agrees to fund US$20 million for work at the copper-gold property over a five-year period, of which US$5 million must be provided during the first year. This first year amount will be reduced to US$2 million if during the first year, the London PM gold fix price and the LME closing copper price are each below US$700 per ounce and US$1.70 per pound respectively for a period of 10 consecutive trading days.

Ocean Park said it intends to deposit the entire US$5 million to fund the first year into a joint venture escrow account immediately following closing.

International Tower Hill will be the operator of the joint venture during the first two years. After two years, Ocean Park can assume the operatorship as long as it holds a majority interest in the joint venture. Any work program proposed by the operator will be subject to approval by the five member joint venture management committee.

If Ocean Park funds the entire US$20 million, it will have the option to acquire an additional 19 percent interest in the joint venture by producing a positive feasibility study for Chisna, which supports a minimum 300,000-ounce-per-year gold equivalent mining operation, and funding all exploration expenditures in connection with the property until the delivery of the feasibility study.

Ocean Park said it also has issued 200,000 shares to International Tower Hill pursuant to the agreement and has issued 867,429 common shares to Axemen Resource Capital Ltd. as a finder’s fee for introductory services in respect of the joint venture. The shares will be subject to a hold period expiring on July 16. A total of 458,743 of the shares issued to Axemen will be held in escrow until the first year commitment of US$5 million in funding has been met by Ocean Park. The company is required to issue an additional 200,000 common shares to International Tower Hill and 10,000 common shares to Axemen on the anniversary date of the closing, in each of the next four years, if it elects to continue to fund the joint venture.

At the opening of the market on March 16 Ocean Park’s common shares transferred from the NEX Board to the TSX Venture Exchange as a Tier 2 Mining Issuer and commenced trading on the TSX Venture Exchange under the trading symbol “OCP.”

On completion of change of business, 14 million subscription receipts issued in connection with a private placement that closed in January have automatically converted into 14 million common shares of the company and 7 million common share purchase warrants, with each whole warrant entitling the holder thereof to acquire one additional common share of the Company on or before Jan. 28, 2012, at a price of C75 cents per share.