US miner Freeport McMoRan has agreed an option to earn up to 75% of TSX-V-listed Mundoro Capital’s Savinac and Bacevica exploration licences in the Timok magmatic complex, in Serbia.
Freeport will have an option to earn into the licences in two phases, for a total funding commitment of $45-million.
In Phase 1, Freeport will have the right to earn a 51% interest in the Freeport-Mundoro JV project by sole funding $5-million in expenditures. During this phase, Mundoro will remain the operator of the project.
In Phase 2, Freeport can earn an additional 24% interest by spending another $40-million on exploration.
“This agreement is our third partnership in Serbia, which reflects the continued industry interest in Timok, the Tethyan belt and demonstrates the prospectivity of Mundoro’s land package within this region,” said Mundoro CEO and president Teo Dechev.
Besides the Freeport-Mundoro JV, announced on Monday, Mundoro also has an earn-in agreement with Jogmec for the Timok North projects and an option agreement with a private company for the Saje project in Bulgaria.
“Realising value for our mineral property portfolio of over ten licences with multiple targets on various licences is one of our corporate priorities,” said Dechev.
Mundoro’s stock jumped 29% on the news to close at C$0.16 a share.