King River Copper Ltd. said Oct. 10 that it signed a heads of agreement with Spectrum Rare Earths Ltd., allowing the latter to earn a 51% stake in the Mount Remarkable gold prospect in Western Australia.

Spectrum can acquire the 51% joint venture interest by spending A$500,000 in exploration, and can terminate the partnership following spending a minimum of A$200,000.

The formal joint venture remains subject to shareholder approval from both companies.

In April, King River subsidiary Speewah Mining Pty. Ltd. secured the Mount Remarkable exploration license application 80/5007, located about 80 kilometers south of the Speewah Dome property.