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Sumitomo exploring investment in Japan-focused Irving Resources

Canada-based miner Irving Resources Inc. announced Sept. 5 that it has signed a nonbinding letter of intent to engage in business opportunities with Tokyo-based trading conglomerate Sumitomo Corp.

Irving Resources, a junior explorer with a focus on gold in Japan, said the business discussions are inclusive of Newmont Goldcorp Corp., which is a significant shareholder in Irving.

In April, Newmont acquired 3,715,630 Irving shares at C$2.16 each or US$6 million in total.

Irving Resources announced in February plans to extend its Omui gold-silver project and applied for prospecting licenses for the Shimokawa and Engaru gold projects. The company also has a joint venture deal with Japan Oil, Gas and Metals National Corp. for joint exploration programs in Malawi.