The company has also agreed to a work programme in accordance with the terms of the Balkhash licence for 2014.
Under the terms of the agreement, Orsu has been granted a further exclusive right for a period of 120 days ending in July, subject to extension by mutual agreement of the parties to explore and participate in the Balkhash project.
Both firms will continue to jointly explore the project, including geophysical works and verification drilling of exploration targets.
Orsu will initially provide funding for exploration works at the project under an initial work programme agreed between the companies.
Asem Tas will apply to transfer the exploration licence for the project to a newly formed Kazakh legal entity jointly owned by both the firms, in which Orsu will hold an effective interest of 55%.
Under the terms of the option, Lowell can increase its stake to 70% by funding further expenditures of $6.25m; 25% interest for funding $250,000, 51% interest for funding the next $2.5m, and 70% interest for funding the next $3.5m.
Once Lowell acquires a 51% interest in the property, the parties will enter into a joint venture agreement and further funding will be based on the percentage interests of Lowell and Rose Petroleum.
If a party’s interest is reduced to below 10%, then it will be converted to a 1% free carried interest.
Sarama Resources has signed a heads of agreement to create a joint venture with Savary Gold.
The joint venture will develop Sarama’s Sérakoro one and Savary’s Houndé South properties in Burkina Faso.
Savary will be the operator of the project with 65% ownership and the remaining 35% will be held by Sarama.
Sarama’s Sérakoro one property features one exploration permit covering a total of 250km² and is held under option with an unaffiliated third party.
Savary’s Houndé South property consists of two exploration permits, Diosso and Mandiasso, covering a total of 375km² and two exploration permit applications, Kelesso and Fakoro, covering 125km², making a total area license of 500km².
Savary is earning a 100% stake in its Houndé South property and will earn interest by funding further exploration expenditures of about $950,000 by 17 May.
The joint venture will take effect when Savary has earned its 100% interest in the Houndé South property.
Pure Energy Minerals has entered into an option agreement with HRH Nevada Resource to lease up to 20 acres of private property in Esmeralda County.
The company said it will use the location as a staging area and a support location for exploration programmes on its mineral claims, and also as the possible location of an advanced lithium brine processing, clean water recovery demonstration plant.
Pure Energy has until 31 May to exercise the option, which if exercised, will allow the company to lease property for an initial term of up to ten years.
On expiration of the initial term, the company has the option to renew the agreement and lease the property for an additional ten years at a negotiated fair market value price.
Murgor Resources has agreed to sell its remaining windfall property interest to Eagle Hill Exploration for net proceeds estimated to be worth $962,500.
The company will divest interest in Windfall 29 claims and Windfall 184 claims properties, located in Québec.
Murgor’s interest in the Windfall properties consists of a 25% ownership in the Windfall 29 claims property covering 948ha and a 50% ownership in the Windfall 184 claims property, covering 8,190ha.
Under the terms of the claims purchase agreement, Eagle Hill will pay $250,000 in cash and issue 9.5 million common shares to Murgor upon closing of the transaction.
Murgor said that concurrent with the sale of its interest in the Windfall 29 and Windfal 184 claims properties, Cliffs Chromite Ontario has agreed to sell its equivalent interest in the same properties to Eagle Hill for identical consideration.
Murgor owns a 100% interest in two gold-copper deposits in the Snow Lake and Flin Flon mining districts of Manitoba, and a 40% stake in the Golden Arrow Gold Mine in Ontario.
Image: Several deals were signed this week. Photo: courtesy of FreeDigitalPhotos.net.