Stone Resources Australia Limited (ASX:SHK) is pleased to advise that the
Company has entered into a Binding Heads of Agreement (the ‘Agreement’) with
MHM Metals Limited (ASX:MHM) to develop the wholly owned Brightstar Gold
Project located in the Laverton region of Western Australia.
The Agreement sets out the terms and conditions of a Joint Venture upon which
MHM can earn an interest of up to 80% in the Brightstar Gold Project.
Transaction Summary:
! MHM Metals Limited and Stone Resources Australia Limited have signed a
Binding Heads of Agreement (HOA) to form an earn-in Joint Venture with
respect to the Brightstar Gold Project.
! The Joint Venture is to be managed and operated by MHM who will earn an
initial 50% interest through spending AUD $7.5m development capital on
the Project.
! MHM will have the option to increase their interest in the Joint Venture up to
80% through spending up to an additional AUD $10.5m on the Project.
! MHM is well funded and has adequate financial backing to support the Joint
Venture strategy.
SHK Price at posting:
0.3¢ Sentiment: None Disclosure: Held
