$6.5 million Joint Venture over Drummond Project with Evoluton Mining
A binding Earn-in and Exploration Joint Venture Agreement has been entered into with Evolution Mining Limited (ASX: EVN) to form the Drummond Gold Project Joint Venture over the Company's 100% owned Drummond tenements located in north Queensland.
Under the terms of the Agreement, EVN will sole fund $2.0 million within two years of execution to earn a 51% equity interest in the Drummond Project.
ADN will also receive $300,000 cash consideration from EVN within 10 business days of signing the Agreement.
EVN can elect to sole fund a further $4.0 million over an additional two years to increase its equity to 80%, with a requirement to pay ADN a further $200,000 in cash at the time of the election.
EVN will act as manager and operator of the Joint Venture.
The transaction will result in considerable exploration effort directed towards the Drummond Gold Project by a successful Australian Gold Miner experienced in the region while allowing ADN to focus efforts towards progressing the Poochera Halloysite-Kaolin Project.
$6.5M Joint Venture over Drummond with Evolution
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