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JOGMEC secures 70% farm-in right over Marindi's Caranbirini zinc project

Japan Oil Gas and Metals National Corp. secured a right to earn up to a 70% interest in the Caranbirini zinc project in Northern Territory, Australia, from Marindi Metals Ltd.

The binding memorandum of agreement allows the company, known as JOGMEC, to earn the interest by sole funding A$4 million of exploration in two stages over three years.

The Japanese resources group can earn up to 51% by spending A$2 million in the initial two-year earn-in period and a further 19% by spending an additional A$2 million in the third year.

Marindi will remain the project operator until JOGMEC earns the initial 51% interest.