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Torian partnering with Dampier Gold for exploration in Western Australia

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Torian partnering with Dampier Gold for exploration in Western Australia

Torian Resources Ltd. entered into two joint venture farm-in agreements covering its Zuleika and Credo Well gold projects in Western Australia with Dampier Gold Ltd.

Dampier can secure up to 75% of the Zuleika project by spending A$4 million on exploration in stages and up to 50% of the Credo Well project by spending A$2 million, according to an Oct. 4 release.

Dampier will also issue 10.0 million options exercisable at 15 Australian cents within two years and provide a A$500,000 convertible loan to Torian. The loan will be convertible into shares representing 13.67% of Torian, subject to shareholder approval.

The Credo Well and Zuleika agreements are subject to a 60-day and 90-day due diligence period, respectively.

Torian said the agreements will allow it to focus its resources on gold exploration on its projects in the Leonora and Kalgoorlie regions while reducing its annual expenditure commitments on the tenements by A$800,000.