OZ Minerals and IMX Resources have signed a Heads of Agreements with intentions of forming a Joint Venture Agreement to explore and develop copper-gold projects in IMX’s Mt Woods tenements in South Australia.
“IMX sees the proposed copper-gold Joint Venture as a win-win situation that will result in a greatly increased level of exploration expenditure for copper-gold targets during the next five years,” IMX managing director Duncan McBain says.
According to IMX, it will still retain the rights to any iron ore discoveries which will allow them to further expand their iron ore strategy in the Mt Woods area.
OZ Minerals managing director and CEO Terry Burgess says he is pleased with the outcome of the agreement and believes it will greatly benefit the company’s growth.
“The Joint Venture will allow exploration on the IMX tenements to be expedited, for the benefit of both OZ Minerals and IMX shareholders. The proximity of the tenements to the existing Prominent Hill mine infrastructure greatly enhances the chance of an economic discovery,” he says.
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