Positive news from Mungana Goldmines (ASX:MUX) as the company announced it attracted Newcrest Mines (ASX:NCM) as a partner to explore for large copper-gold properties on the Chillagoe project in Queensland, Australia.
An initial 3 million dollar will have to be spent on the property within the next 18 months and should the results of the exploration program be satisfying, Newcrest has the option to spend another A$17M over 6.5 more years to earn a 70% interest in the property (on the additional condition in excess of 1 million gold-equivalent ounces have been discovered by then).
> Click here to go to Mungana’s website
Disclosure: The author holds no position in Mungana Goldmines. Please see our disclaimer for current positions.
