Smarttrans jump on Zinifex joint venture

Shares in Leederville-based mineral explorer Smarttrans Holdings Ltd increased 35 per cent today after announcing it has reached agreement in principle with Zinifex Ltd to enter a joint venture on Smarttrans' nine base metals tenements in the vicinity of Zinifex's Century mine in Queensland.

Under the terms of the proposed agreement, Zinifex can earn 70 per cent equity in the tenements by expenditure of at least $10 million over 7.5 years to the completion of a bankable feasibility study.

The arrangement will not become binding until a formal joint venture agreement is signed. In the meantime either party has the right to withdraw.