The holder of an Exclusive Prospecting Licence shall have the sole right of prospecting for the mineral (s) specified in the licence on the land within the area of his licence. He does not need to own the land but he must notify the landowner or occupier before entering. The application fee for an Exclusive Prospecting Licence is ten thousand dollars ($10,000). This licence is valid for a year and may be renewed on application for a further period of one year. This may be repeated for up to six years for prospecting lode deposits and a total of three years for prospecting alluvial deposits.
A sum of twenty thousand dollars ($20,000) or such other sum as determined by the Commissioner must be deposited as a guarantee that the holder of the Exclusive Prospecting Licence will remedy any damage done to the property. This sum is refundable upon the satisfactory completion of the term of the Exclusive Prospecting Licence, if there are no unsettled claim(s).