Dec 08, 2010. /Lesprom Network/. Prima Colombia Hardwood Inc. announced that the exclusive timber license agreement between Prima Colombia’s Colombian domiciled subsidiary, REM International C.I.S.A. (“REM”), and the Community of Los Delfines (the “Timber Agreement”) has been amended to increase the volume of timber from 1,050,000 to 3,121,720 cubic meters and to increase the term for up to 25 years. “The increase in timber reserve is expected to have significant financial impact and greatly improves the company’s sustainable production base over the term of the Timber Agreement,” says CEO Donald P. Hayes. The Amendment was executed, December 6, 2010, by REM, and authorized representatives of the Los Delfines Community and includes: - An increase in timber volume under the Timber Agreement from 1,050,000 to 3,121,720 cubic meters. - The establishment of an annual allowable cut of 208,114 cubic meters per annum with the ability to carry forward prior years’ undercuts or volume shortfalls. - A renewed term of 15 years commencing on the date of execution of the Amendment. - An option to add another 10 years at the end of the 15 year term on notice from Prima Colombia. - The opportunity to introduce other suitable harvesting systems in addition to the helicopter harvesting. - A commitment to continuing cooperation including a mutual maximum 5 day turnaround provision for further approvals, signatures or actions. - Agreement on all consideration to be paid to the Community in respect of the timber harvested throughout the term of the Timber Agreement commencing at $10 per cubic meter and increasing to $20 per cubic meter over the term. Payments in respect of timber harvested are payable after the actual production and sale of the timber. - An acknowledgement by both Parties that the Agreement is in good standing. Prima Colombia continues to seek opportunities to enter into additional forest licenses and further increase timber reserves in Colombia. Prima Colombia Hardwood Inc. is a Canadian based forest products company focused on international tropical hardwood timber development, production and marketing.