May 9 (Reuters) - Torian Resources Ltd (TNR) :
- It has earned its initial 12.25% interest in the zuleika jv project.
- Under terms of the jv, Torian can earn up to a 49% interest in the project by spending $5 million on the project over four years
- Says also had the ability to earn an initial 12.25% interest in the project
by spending $1.25 million in the first year
- Says Torian and cascade are in discussions regarding a possible merger
