Sumitomo Increases Stake in South Yamarna Joint Venture

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.