Golden Mile Resources Enters JV Deal for US Copper Project

MT Newswires Live08-14

Golden Mile Resources (ASX:G88) entered into a joint venture-acquisition agreement for the Pearl copper project in Arizona, US following the completion of due diligence.

The company agreed to pay Outcrop Silver & Gold AU$100,000 upon execution of the definitive agreement and enter into a royalty deed in respect of the 1% net smelter return royalty from copper, gold and other metals produced from the claims, according to a Wednesday filing with the Australian bourse.

Golden Mile Resources may earn a 51% stake in Pearl by spending AU$2 million within three years of the settlement date and earn a further 34% stake by spending an additional AUD$10 million within five years of achieving the first earn-in.

The company will also pay AU$2 million upon achieving a resource of 750,000 metric tonnes of contained copper at a minimum grade of 0.3%.

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