logo-loader
viewMedusa Mining

Medusa seizes Cambodian gold, copper and oil exploration opportunity

Medusa is blazing a trail into Cambodia, with a memorandum of understanding on gold, copper and oil exploration

dollars gold
Medusa is negotiating to commit cash to a new Cambodian gold exploration venture

Medusa Mining Limited (ASX:MML) has entered into a Memorandum of Understanding to explore for minerals Cambodia. The principal targets of the exploration will be gold and copper, although the licence is exclusive and will also cover oil and gas and precious stones.

Medusa’s partners in the project will be SEA Resources Pty Ltd and Sovann Resources, a related Cambodian entity of SEA, and the shareholders of Sovann. 

READ: Medusa Mining ups production guidance as grades improve

SEA has been selected by the government of Cambodia as a qualified and priority company to apply for the grant of a metallic mineral exploration licence in the Prek Kampi region of Cambodia, and is in the final stages of securing the grant.

Under the terms of the MOU, Medusa and SEA have agreed to negotiate an earn-in whereby Medusa can acquire up to a 70% interest in the exploration licence.

The MOU is a non-binding framework to guide the parties in the finalisation of the key terms. Medusa and SEA have until 1 March 2018 to finalise the earn-in agreement.

READ: Medusa boosts gold production at Co-O, cuts all-in costs

As it stands, the thinking is that in return for up to 70% of the shares of the SEA entity that is granted the Prek Kampi exploration licence, Medusa will contribute up to a total of US$3 mln of exploration expenditure over a period of 4 years

“This is Medusa’s opportunity to expand its presence in South East Asia and fully align to the company’s longer-term strategic diversification plan, ” said Medusa chief executive Boyd Timler.

“Medusa continues to be a successful gold explorer and producer in the Philippines. This is exciting times for both Medusa and SEA Resources.”

Quick facts: Medusa Mining

Price: 0.73 AUD

ASX:MML
Market: ASX
Market Cap: $151.69 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

PCF Bank's Scott Maybury reports on strong lending growth and increased...

PCF Group Plc's (LON:PCF) Scott Maybury speaks to Proactive London's Andrew Scott after the specialist lender posted record numbers in its latest year. Loans outstanding rose 55% to £339mln with profits for the twelve months to September climbing by 54% to £8mln. Maybury says targets for a...

6 hours, 45 minutes ago

2 min read