March 12 (Reuters) - Newcrest Mining Ltd (NCM) :
- NEWCREST ENTERS FARM-IN AGREEMENT WITH GREATLAND GOLD
- NEWCREST WILL BE MANAGER OF EXPLORATION PROGRAM DURING FARM-IN PERIOD AND WHILE IT MAINTAINS A MAJORITY INTEREST
- ENTERED EXPLORATION FARM-IN AGREEMENT THAT ESTABLISHES A JOINT VENTURE WITH GREATLAND GOLD PLC ON THEIR HAVIERON TENEMENT
- THERE IS MINIMUM COMMITMENT OF US$5M OVER AN INITIAL 12 MONTH PERIOD
- THERE IS POTENTIAL FOR CO TO ALSO EARN UP TO A 70% JV INTEREST THROUGH TOTAL EXPENDITURE OF US$65M OVER A 6 YEAR PERIOD
- NEWCREST MAY ACQUIRE AN ADDITIONAL 5% INTEREST AT END OF FARM-IN PERIOD AT FAIR MARKET VALUE
- DURING FARM-IN PERIOD, NEWCREST WILL HAVE A FIRST RIGHT OF REFUSAL OVER REMAINDER OF GREATLAND GOLD'S PATERSON PROJECT
