PRX Summary

Might be a summary of old news, just thought I'd share!

Prodigy Gold NL - ASXRXShares in Prodigy Gold NL (ASXRX) surged more than 30% in May, hitting a high of 11 cents after the company signed a binding Exploration Farm-in and Joint Venture Agreement (JV) with Newmont Exploration Pty Ltd, a wholly owned subsidiary of Newmont Goldcorp Corporation. As the world’s largest gold miner, Newmont’s entry will assist Prodigy in advancing its exploration program at the Tobruk Project in the Tanami province of the Northern Territory. Under the agreement, Newmont Goldcorp is to sole fund up to $12 million in exploration expenditure to earn up to a 70% interest in the Tobruk Project, and provide a total of $2.5 million in cash payments to Prodigy Gold. The agreement covers Prodigy Gold’s tenements and tenement applications at the Tobruk Project, adjacent to Newmont Goldcorp’s Callie Gold Mine. Importantly, Newmont Goldcorp has a long and successful history in the Tanami area including the development of the nearby Callie Gold Mine into a world-class gold deposit. Exploration work at Tobruk will commence in the June quarter. Prodigy Gold now has more than $33 million in funding agreements from JV partners to accelerate discovery across the company’s entire exploration portfolio, including JV’s with Independence Group (70/30) and Newcrest Mining (earn-in stage) that have already generated high-quality targets which are currently being drilled. Key logistical advantages include the 450 kilometre gas pipeline to the recently constructed Newmont Goldcorp Granites Plant and the Federal Government’s commitment to upgrade the Tanami Track, which will improve the economics of any future discoveries. With near-term exploration to be conducted at Tobruk, as well as Prodigy’s Lake Mackay joint venture project with Independence Group (ASX:IGO) there are a number of potential share price catalysts on the horizon.