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Gold Road Resources Ltd. (ASX:GOR) announced that Sumitomo Metal Mining Oceania Pty Ltd., a subsidiary of Sumitomo Metal Mining Co. Ltd. (TSE:5713), has increased its interest in the South Yamarna joint venture (SYJV). It now stands at 50 percent.
Gold Road Resources Ltd. (ASX:GOR) announced that Sumitomo Metal Mining Oceania Pty Ltd., a subsidiary of Sumitomo Metal Mining Co. Ltd. (TSE:5713), has increased its interest in the South Yamarna joint venture (SYJV). It now stands at 50 percent.
As quoted in the press release:
Under the terms of the Joint Venture Agreement signed between Gold Road and Sumitomo in May 2013, Sumitomo was required to contribute A$8 million to exploration on the South Yamarna tenements by the end of 2016 to earn a 50% share in the SYJV. This commitment was met in March 2016.
Ian Murray, executive chairman at Gold Road Resources, commented:
Having a successful international mining company as a partner has allowed Gold Road to accelerate its evaluation of the South Yamarna tenements in a way that would not have been possible operating alone.
We welcome Sumitomo’s progression to 50% ownership of the joint venture and look forward to continuing to work together to unlock the considerable potential of this underexplored gold belt.
Click here to read the full Gold Road Resources Ltd. (ASX:GOR) press release.