Saracen Mineral Holdings
(ASX:SAR) has announced it has entered into an exploration partnership with AngloGold for its Carosue Dam North tenements.
AngloGold will spend up to $25 million over a six year period under a Farm-in and Joint Venture agreement.
As a result of the deal, AngloGold will be in a position to earn up to 70 percent of the JV, subject to hitting spending targets within specified timeframes.
AngloGold is named as the Manager during the Farm-in period.
Saracen Mineral Holdings posted a net profit of $25.9 million at 30 June 2016.
