Taruga Gold Limited (ASX:TAR) MD Bernard Aylward Talks about the signing of a Non-Binding Heads of Agreement with top-tier gold producer, Newcrest Mining Limited (ASX:NCM).
The culmination of significant alliances with major institutions and gold producers over the last six months demonstrates the attractive nature of the company and its activities in Africa.
Highlights:
- Taruga and Newcrest execute non-binding heads of agreement for a proposed farm-in and joint venture over Taruga's Dabakala concession
- Newcrest to spend up to US$1.7 Million to earn 75% of proposed joint venture within 3 years from commencement, including a minimum US$750,000 exploration spend before withdrawal
- US$100,000 cash payment to Taruga upon execution of documentation
- Newcrest concessions adjacent to Dabakala and exploration programs will target high priority mineralised trends
- Strong Geochemical anomalies defined by Taruga sampling within the Dabakala concession
- If the Newcrest transaction proceeds, Taruga will have concluded two strategic Joint Venture arrangements in 2015 with major gold companies
