Farmin and Joint Venture Agreements
The Company has entered into the Farmin and Joint Venture Agreements with Golden Cross Operations Pty Ltd a wholly owned subsidiary of Golden Cross Resources Limited (ASX:GCO).
The Kempfield Tenements, Sunny Corner Tenements and West Wyalong Tenements, collectively known as the Argent Minerals Properties, are located in New South Wales within the well mineralized Lachlan Fold Belt, which is host to a number of major mineral deposits including Cadia–Ridgeway, North Parkes and Cowal.
Under the terms of the Farmin and Joint Venture Agreements, Argent may earn a 51% interest in each of the three Tenements by spending a total of $3.25 million by 1 June 2011 and may earn up to an additional 19%, taking its interest to 70%, by the expenditure of an additional $1.211 million by 1 June 2013. A minimum expenditure of $222,000 must be made by 1 June 2008.