Millennium Minerals (ASX: MOY) has agreed a farm-in and joint venture with Novo Resources Corp (CNSX: NVO), allowing Nova to farm-in to the non-core Beatons Creek gold project.
The Beatons Creek tenements are not integral to the company's flagship 1.25 million ounce Nullagine Gold Project.
Under the agreement Nova can earn up to a 70% interest in the gold and associated minerals, with the consideration A$500,000 in Nova shares.
Nova is also required to incur expenditures of A$500,000 in the first year, and A$1 million in the second, while procuring a Bankable Feasibility Study in respect to gold rights by the fifth year.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/18764/millennium-minerals-novo-resources-farm-in-for-up-to-70-of-beatons-creek-gold-project-18764.html
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