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Sumitomo increases South Yamarna gold JV stake to 50%

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Sumitomo increases South Yamarna gold JV stake to 50%

Sumitomo MetalMining Co. Ltd. unit SumitomoMetal Mining Oceania Pty. Ltd. has increased its stake in the joint venturegold project in Western Australia to 50%.

Sumitomo completed its commitment with Gold Road Resources Ltd. to fund A$8 million on explorationin March, Gold Road said April 13.

Gold Road will continue as manager of the joint venture and assumechairmanship of the joint venture committee.

The companies will now elect to contribute to exploration orhave their stake diluted.

This year's exploration program has tested the Smokebush Dolerite,Yaffler and Toppin Hill prospects, and additional early stage testing ofregional targets within the project will take place later in the year.