Mirasol Resources attracts Newcrest Mining as partner

Mirasol Resources (MRZ.V), a prospect generator focusing on South America, has announced it has entered into a joint venture agreement with Newcrest Mining (ASX:NCM) on the Altazor project in Northern Chile.

As part of the deal, Newcrest will be able to earn up to a stake of 80% in the property depending on the completion of four different stages of project expenditures and cash payments, which seem to be structured in Mirasol's favor. Mirasol will receive a US$0.1M option fee as well as a 10% management fee on a US$1.5M exploration budget. Should Newcrest be interested to exercise the option after the first year, it will have to make a US$0.5M cash payment to Mirasol and will have to spend an additional $8.5M on the property.