Fortuna Mining (FSM) announced it has executed a binding heads of agreement with DeSoto Resources, an Australian-listed gold exploration company, to establish an exploration alliance and joint venture across the Siguiri Basin in Guinea. The binding HOA establishes an exploration alliance to apply for and acquire new permits in identified areas of interest. A new joint venture company will be formed, with a board of up to four directors, two from each party, with the majority partner holding a casting vote. A 36-month period focused on identifying “Go Projects”, meaning significant discoveries warranting further development. Once a Go Project is agreed upon, JVCo will transition into a formal joint venture in which Fortuna will hold 70% and DeSoto will hold 30%, and Fortuna will solely fund exploration until the later of three years; or $12.5M in cumulative expenditure across Go Projects.
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