Dec 11 (Reuters) - WPG Resources Ltd WPG.AX :
* WPG and DMPL will enter into a 50/50 JV with WPG appointed as manager and Pybar Mining services pty ltd as preferred mining contractor
* Says JV to operate the mining project
* Co and Diversified Minerals Pty, an entity related to the pybar group have jointly exercised the option
* DMPL to subscribe for a strategic investment in WPG by way of a placement of 25.8 million shares at 3.1 cents per share that will raise $800,000
* Option to acquire the Challenger gold mine and associated exploration assets in south Australia from Kingsgate Consolidated Limited
Source text for Eikon ID:nASXbG2gDK