Australian diversified resources company Reed Resources Ltd (RDR) is pleased to advise it has entered into an Option and Joint Venture Agreement with one of the worlds largest diversified mining and natural resources groups, Anglo American, through its 100% owned subsidiary Anglo American Exploration (Australia) Pty Ltd (AAE). Under the terms of the agreement AAE can earn 75% by spending A$3m on the Company’s 100% owned Bell Rock Range Project in the West Musgrave region of Western Australia. Under the terms of the agreement, AAE can exercise option and earn 51% equity by spending A$1m within 3 years. Upon AAE earning 51% equity it can elect to earn an additional 24% by additional expenditure of A$2m in an additional 4 year period. Upon AAE earning 75% equity, Reed can elect to either contribute or dilute to a royalty of 2% Net Smelter Return from gold and 1.5% NSR for all other minerals.
Reed Resources is a diversified mining and exploration Company based in Western Australia, with modest gold production the Company is expanding and diversifying its production base.
