07/04/2011 - 11:03

Azure shares rise on Japanese JV

07/04/2011 - 11:03

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Base metals miner Azure Minerals' stocks have spiked after it announced the signing a $13 million farm-in and joint venture agreement with a state-owned Japanese corporation for its El Tocolote copper project in Mexico.

Azure shares rise on Japanese JV

Base metals miner Azure Minerals' stocks have spiked after it announced the signing a $13 million farm-in and joint venture agreement with a state-owned Japanese corporation for its El Tocolote copper project in Mexico.

At 11:01AM (WST) Azure shares had gained 13.9 per cent, to trade at 9 cents.

Azure announced today that the Japan Oil, Gas and Metals National Corporation would spend $US5 million on exploration at El Tocolote over the next three years, in return for an initial 51 per cent interest in the deposit.

JOGMEC can earn an additional 19 per cent stake by spending a futther $US8 million during the following three years.

Azure executive chairman Tony Rovira said the company welcomed the continuing interest from major resources companies in Azure's projects.

"The investment by JOGMEC, their second to date with Azure in Mexico, is a very strong vote of confidence in our on-going program of regional exploration, target identification and project staking," Mr Rovira said in a statement to the ASX.

"In the El Tecolote district, we have now entered into three joint venture agreements where up to US$29 million may be spent by companies earning an interest in our projects."

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