Sydney, Mar 26, 2008 (RWE Aust Business News) The Japanese government organisation, JOGMEC, plans to fund accelerated exploration on three Cambodian gold and base metal projects under a Letter of Intent with Southern Gold.
JOGMEC (Japan Oil, Gas and Metals National Corp) and Southern Gold will JV over three of Southern Gold's Cambodian tenements.
JOGMEC will invest $US4.5 million ($4.94m) within three years to earn a 51 per cent interest in Phnum Khtong (Kratie North project) and two adjoining blocks, Preak Khlong and O'Kthung (Kratie South project).
The agreement includes an up-front payment to Southern Gold of approximately $US400,000 on signing of the LOI for current exploration costs, followed by a decision to proceed with a full joint venture on the Kratie North and/or the Kratie South Projects by June 2008.
The three tenements are among eight gold projects, wholly or majority owned, by Southern Gold under its strategy to establish a cornerstone gold business in Cambodia to compliment the Australian gold projects.
JOGMEC (Japan Oil, Gas and Metals National Corp) and Southern Gold will JV over three of Southern Gold's Cambodian tenements.
JOGMEC will invest $US4.5 million ($4.94m) within three years to earn a 51 per cent interest in Phnum Khtong (Kratie North project) and two adjoining blocks, Preak Khlong and O'Kthung (Kratie South project).
The agreement includes an up-front payment to Southern Gold of approximately $US400,000 on signing of the LOI for current exploration costs, followed by a decision to proceed with a full joint venture on the Kratie North and/or the Kratie South Projects by June 2008.
The three tenements are among eight gold projects, wholly or majority owned, by Southern Gold under its strategy to establish a cornerstone gold business in Cambodia to compliment the Australian gold projects.
1 comment:
Oh good to see Japan involvement in finding resources that might help us from current hardship. I just hope they find something big.
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