Proactive Investors - Run By Investors For Investors

Tethyan Resources amends option to acquire Suva Ruda exploration license

The Suva Ruda exploration licence in Serbia, which is operated by Tethyan.
Tethyan Resources amends option to acquire Suva Ruda exploration license
Tethyan Resources is a gold and base metal mineral exploration company

Tethyan Resources (CVE:TETH) announced today that it has signed an agreement to amend its current option to acquire the Suva Ruda exploration license in Serbia.

The amendment would have recently-acquired Taor d.o.o enter into a joint venture with Serbian company Deep Research d.o.o., which holds the Suva Ruda exploration licence. 

In 2016, the company entered into the option agreement with Deep Research. Tethyn would have the rights to manage and perform mineral exploration and could purchase either the entire issued share capital of Deep Research, or the license for €6 million (with possible additional payments). 

Additionally, a number of work and payment milestones were committed to. 

READ: Tethyan expands footprint with subsidiary exploration permit

Tethyan recently announced its acquisition of Taor d.o.o., and in the amended agreement will have Taor enter into a joint venture agreement with Deep Research with respect to a defined geographical area within the license. The company will also pay Deep Research €100,000 within 15 days of signing the agreement and agree not to acquire the company but instead to acquire the license if the option contemplated in the option agreement is exercised. 

The geographical area is an area that surrounds Taor's 'Kremice' exploration license, where Tethyan believes there is potential for the discovery of significant lead-zinc-silver deposits. 

The company said if the joint venture agreement is signed, the option agreement will remain in effect outside of the area of interest. 

Tethyan shares were flat at C$0.25 on Thursday afternoon.

View full TETH profile View Profile

Tethyan Resources PLC Timeline

Related Articles

July 17 2018
Orsu Metals looks set for a transformative year, with a sizeable gold resource expected in an already prolific area
June 21 2018
The company's key operations are located in South Africa, Ghana and Kenya.
February 20 2018
South Korea is the most supportive jurisdiction Bluebird's team has operated

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use