Rumors of undiscovered islands to the northwest…

Rumors of undiscovered islands to the northwest of Hispaniola had reached Spain by 1511, and Ferdinand is interested in forestalling further exploration and discovery by Colón.

In an effort to reward Ponce de León for his services, Ferdinand urges him to seek these new lands outside the authority of Colón.

Ponce de León readily agrees to a new venture, and in February 1512 a royal contract is dispatched outlining his rights and authorities to search for "the Islands of Benimy".

The contract stipulates that Ponce de León hold exclusive rights to the discovery of Benimy and neighboring islands for the next three years.

He will be governor for life of any lands he discovers, but he is expected to finance for himself all costs of exploration and settlement.

In addition, the contract gives specific instructions for the distribution of gold, Native Americans, and other profits extracted from the new lands.

Notably, there is no mention of a rejuvenating fountain.