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BRIEF-Minotaur Exploration Says Cloncurry Alliance Established JV HOA With Sandfire Resources

Published 18/02/2020, 12:43 pm
© Reuters.  BRIEF-Minotaur Exploration Says Cloncurry Alliance Established JV HOA With Sandfire Resources
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Feb 18 (Reuters) - Minotaur Exploration Ltd MEP.AX :

* MINOTAUR EXPLORATION & OZ MINERALS' CLONCURRY ALLIANCE ESTABLISHED JV HEADS OF AGREEMENT WITH SANDFIRE RESOURCES LTD

* AGREEMENT OVER EXTENSIVE SANDFIRE TENEMENT GROUP NEAR CLONCURRY, QUEENSLAND

* JV REQUIRES CLONCURRY ALLIANCE TO INVEST $1 MILLION IN EXPLORATION IN FIRST YEAR

* CLONCURRY ALLINCE MAY EARN INITIAL 51% TENEMENT INTEREST BY SOLE FUNDING FURTHER $3 MILLION THROUGH NEXT 2-YEAR PERIOD

* TO ATTAIN MAXIMUM INTEREST OF 75% OVER 5 YEARS CLONCURRY ALLIANCE MUST INVEST $8 MILLION

* OZ MINERALS TO CONTRIBUTE ALL REQUIRED EXPLORATION FUNDING UP TO $4 MILLION OVER 3 YEARS

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