16/05/2019 - 11:15

Prodigy and Newmont in $14.5m JV

16/05/2019 - 11:15

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Prodigy Gold has signed a $14.5 million joint venture and exploration farm-in agreement with Newmont Mining at Prodigy’s Tobruk project in the Northern Territory.

Prodigy's Tobruk exploration program is scheduled to commence this quarter.

Prodigy Gold has signed a $14.5 million joint venture and exploration farm-in agreement with Newmont Mining at Prodigy’s Tobruk project in the Northern Territory.

Under the agreement, Newmont will sole fund up to $12 million in exploration expenditure to earn up to a 70 per cent interest in the Tobruk project, and provide $2.5 million in cash payments to Prodigy.

The Newmont JV increases Prodigy’s total exploration earn-in from its three earn-in partners, Newmont, Newcrest Mining and Gladiator Resources, to $33 million.

The Tobruk exploration program is scheduled to commence this quarter.

Prodigy managing director Matt Briggs said the company was very pleased to be partnering with the world’s largest gold miner.

“Newmont has a long and successful history in the Tanami area, including developing the nearby Callie gold mine into a world-class gold deposit.

Shares in Prodigy were up 14 per cent to trade at 9.8 cents each at 12.45pmAEST.

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