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Medusa Mining's deal to acquire 70% in Cambodian gold-copper license lapses

Medusa Mining Ltd. said March 2 that a nonbinding memorandum of understanding with SEA Resources Pty. Ltd. and SEA's Cambodian unit, Sovann Resources Co. Ltd., for an exploration opportunity in the country's Prek Kampi region focused on gold and copper has lapsed.

The companies signed the deal in January, contemplating that a formal deal would be signed March 1. Under the MOU, the parties agreed to negotiate a deal where Medusa would acquire up to a 70% stake in a Cambodian exploration license owned by SEA.

Medusa said it will continue to pursue opportunities as part of its expanded presence in Southeast Asia.