Sierra terminates JV with Medusa Mining

Perth-based gold and copper explorer Sierra Mining Ltd has informed Medusa Mining Ltd that it has been unable to approve a planned joint venture agreement.

The directors of Sierra Mining Ltd have informed the board of Medusa Mining Ltd that, after considering the circumstances and delays relating to the September 2007 joint venture agreement (JVA) between the Filipino subsidiaries, Philsaga Mining Corporation and Bunawan Mining Corporation (BMC), the boards of Sierra and BMC have been unable to approve the JVA.

Sierra will now not proceed with the JVA and the placement of 9.9% of its issued capital to Medusa as specified in the August 2007 heads of agreement.