Mekong joins Southern in Cambodia
10th Feb 2012
ADELAIDE, Feb 10 – Unlisted Australian explorer Mekong Minerals is set to join Southern Gold as a partner in its exploration for gold and base metals in seven licence areas of northeast Cambodia.
Under an agreement to be formalised within two months, Mekong will spend up to US$5.7M on exploration of Cambodian mineral projects over three years to earn up to 70% of Southern Gold’s subsidiary SG Asia.
The company, formed for the specific purpose of acquisition, exploration and development of mineral properties in Vietnam, Laos and Cambodia, will also provide finance and management services to SG Asia and its parent company.
The agreement also gives Mekong the option to acquire the remaining 30% of SG Asia for $4.5M in cash or shares plus a 1.5% net smelter royalty interest.
The agreement envisages Mekong Minerals becoming a listed company on the ASX or another exchange.
Southern Gold says the deal will enable the company to focus on the Bulong gold project in Western Australia while maintaining its exposure to future upside in Cambodia.
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