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Mineweb reported TNG (ASX:TNG) has an agreement with Toro Energy (ASX:TOE) allowing TNG to explore for minerals on three of Toro’s properties.
Mineweb reported TNG (ASX:TNG) has an agreement with Toro Energy (ASX:TOE) allowing TNG to explore for minerals on three of Toro’s properties.
As quoted in the market news:
Under the terms of the agreement, TNG would spend A$500 000 on exploration activities within the first two years to earn a 51% interest in each of the granted exploration licences.
Following this, a formal joint venture agreement would be signed by the parties, subject to meeting conditions precedent. TNG would then have the right to increase its stake in the tenement areas to 80%, by spending a further A$1.5-million over the next five years.