Nustar in joint venture with Cullen Sydney - Thursday - Dec 2:...

Nustar in joint venture with Cullen

Sydney - Thursday - Dec 2: (RWE Australian Business News) - NuStar has entered into a joint venture with Cullen Exploration Pty Limited entitling the Company to earn a majority interest in the Hardey Junction project.

The Hardey Junction Joint Venture covers Exploration Licences E08/1145, E08/1166 and E08/1189, with a total area of approximately 175 square kilometres.

The licences are located 15 kilometres south of the Paulsens mine and are adjacent to existing NuStar target areas.

NuStar will manage the joint venture and will earn a 51 per cent interest by expending $500,000 on exploration over three years or a 70 per cent interest through the expenditure of $800,000 over four years.

The company is required to commit a minimum of $75,000 within the first year, after which it has the option to withdraw.

Regional exploration undertaken by NuStar during the current year has generated a number of highly prospective gold targets.

Drill testing of selected prospects is planned during the next six months.

The Hardey Junction Joint Venture, together with the recent acquisition of the Wyloo Joint Venture interest (approved by shareholders at the Annual General Meeting), confirms the dominant position of NuStar in the Ashburton region and provides further scope to leverage additional value from the investment at Paulsens.