Red Mountain Mining Ltd. said Aug. 12 that it entered into an earn-in and joint venture agreement with Unearthed Resources Pty Ltd. to acquire the Mt. Mansbridge rare earths and nickel-cobalt project in Western Australia.

The earn-in process will be conducted in three stages. Red Mountain can acquire 49% interest by spending A$500,000 within 18 months, and paying A$150,000 in cash and A$350,000 in shares; 70% interest by spending A$1 million within 18 months, and paying A$500,000 in cash and A$500,000 in shares; and 100% interest by spending A$1.5 million within 18 months, paying A$500,000 in cash and A$1 million in shares, and granting Unearthed Resources a 1% net smelter royalty.

Red Mountain also said that its board continues to actively pursue new opportunities to enhance shareholder value.