PERTH (miningweekly.com) - ASX-listed Balamara Resources has entered into a strategic partnership with Aim-listed Centurion Resources to develop its flagship Montenegro base metals project, in the Balkans.
Balamara has agreed to sell a minority equity position in its Central European subsidiary, North Mining Doo, which is the owner of the Montenegro project.
Under the terms of the agreement, Centurion would be issued with a 10% shareholding in the subsidiary, in exchange for A$575 000, while Balamara would retain the remainder of the shares in North Mining, as well as control over the project.
“This deal is consistent with our strategy of creating opportunities for strategic partnerships, which can help us to unlock maximum value from all of the assets within the company’s portfolio,” said MD Mike Ralston.
“We are delighted to have secured Centurion’s involvement in our Balkans assets, and this will provide additional exposure for the 'Monty' project in Europe.”
Balamara has a 25-year exploration and mining lease for the project, which hosts some 9.2-million tons of zinc/lead/copper/silver mineralisation. The company recently announced that some 53% of the inferred resource at the main Brskovo deposit had been converted to the indicated category, with further drilling planned at two other deposits during 2013.