Summit in $3.5m Queensland JV

Subiaco-based Summit Resources Ltd has entered into a joint venture with MM Mining Pty Ltd to explore certain areas within Summit's Isa North tenements in Queensland.

Under the deal, MM will earn rights to base metals by spending $3.5 million within three years and contribute to existing and proposed work programs for base metals.

Summit will retain the uranium rights on the tenements and will have a 20 per cent free carried interest in any non-uranium project through to a decision to mine.

Should that occur, Summit will also receive 10 million shares in MM's parent company, MM Mining plc, which has interests in Queensland, Malawi, Botswana and South Africa.

In a statement, Summit said that while retaining an interest in any base metals discovery, it will continue to hold some 32 per cent of shares in MM Mining plc.

This is the third agreement between Summit and MM within the last 12 months.

The mining rights agreement is subject to a 30 day offer on similar terms to an unrelated third party.