Kingsrose Mining announced it entered into two exploration alliance agreements with BHP to fund regional exploration in Norway and Finland. As part of the initial, generative phase of the agreements, BHP is set to fund up to 20 million USD in regional exploration for the exclusive right to select targets to become defined projects. In the following earn-in phase, BHP can earn up to 75% in each defined project by further sole funding up to 36 million USD. Subsequently, both parties will form a joint venture where expenditures are funded on a pro-rata basis. Kingsrose will be the operator during the project generation and earn in phases and is entitled to charge a management fee to cover overhead costs associated with the alliance.
The alliance excludes the Penikat and Råna projects that Kingsrose will continue to advance independently.
Norwegian Alliance Tenements (Source: www.kingsrose.com)
