JOHANNESBURG (miningweekly.com) – Uranium and gold exploration company Aurium Resources and its joint-venture (JV) partner, ASX-listed Greater Pacific Gold, have made significant variations to their JV agreement.
The JV currently covered eight separate tenements at Peak Hill, in Western Australia.
The JV area has now been extended to include four exploration licences and two applications for exploration licences at Mount Padbury, near Peak Hill, and would cover a total area of about 871 km2.
The JV has also now been extended to cover exploration for, and exploitation by mining or sale of all minerals and commodities, instead of being limited to gold and uranium. Manganese was the only exception to this amendment.
Under the revised terms of the JV, Aurium Resources, which would now own a 30% stake in the JV, would have to contribute a total of $550 000 towards exploration, by December 2009. The contribution would be in place of any outstanding and continuing obligations that it presently had under the JV.
Additionally, Aurium Resources would issue 35-million shares to Greater Pacific Gold, as consideration for revising the JV. Aurium Resources was convening a meeting of shareholders to obtain approval for the issue of those shares.
“These new arrangements give the companies the opportunity to become jointly involved in the highly prospective Peak Hill and Mount Padbury tenement areas, which show significant potential for large iron and ferrous minerals resources,” Aurium Resources stated on Friday.