Emmerson Resources Ltd. said Feb. 19 that it reached an agreement with Evolution Mining Ltd. for a proposed ownership restructuring of the Tennant Creek Mineral Field copper-gold joint venture in Australia's Northern Territory.
Under the revised terms, Emmerson will retain an exploration area covering about 2,600 square kilometers, or 94% of the previous joint venture area; all gold dominant projects, small mines and associated exploration ground; and a 100% interest in the tribute mining agreement at the Edna Beryl gold mine.
Evolution will retain a 100% interest in the tenements, in part or whole, that contain the Gecko, Goanna and Orlando copper-gold prospects.
The restructuring is conditional on Emmerson receiving approval from the ASX that the deal does not require a shareholder vote. Should it require a shareholder vote but not be approved, Evolution will elect to earn a 65% interest in the entire Tennant Creek Mineral Field project under the current terms.
Under the deal signed in June 2014, Evolution Mining can earn an initial 65% interest in the project by spending A$15 million within three years, with a minimum annual requirement of A$5 million.