Sydney - Thursday - December 22: (RWE Aust Business News) - SMC Gold Ltd (ASX:SMO) has a non-binding agreement for a joint venture exploring for gold on its tenements at Charters Towers in northern Queensland. Earlier this year it suspending gold production in Queensland and sold its Rishton mill, while retaining acreage at Charters Towers and an option to repurchase the Rishton mill after three years. "While SMC Gold's primary focus is clearly its copper-gold mining operations in Chile, the company believes that the joint venture exploration proposal represents an attractive opportunity at a time when gold prices are performing well," managing director Rob Kidd said. Its agreement is with an Australian investment firm which will source investors to form the joint venture to fund an 18-month exploration campaign. The JV is subject to certain conditions being met over the next six months. If it does not proceed SMC Gold has agreed to meet certain costs associated with the transaction. SMC Gold shares were steady at 9.5c. ENDS
SMO Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held