A farm-in agreement between gold miner Newcrest Mining Limited
(ASX:NCM) and exploration company Laneway Resources Limited
(ASX:LNY) will now proceed.
The deal, announced early last month, has now been approved meaning exploration activity will start soon at Laneway’s Southern Coromandel Gold Project in New Zealand.
Under the farm-in Newcrest will fully fund exploration activities to earn 80 per cent of the project and Laneway will remain as manager during the earn-in period.
Laneway says the highly prospective exploration ground is in a region that has historically produced more than 45 million ounces of gold and silver.
Newcrest Mining reported a net profit of $207 million in the first half of the 2015 financial year.
