Mining company Medusa (ASX:MML) has partnered with South East Asia (SEA) Resources, signing an MOU agreement for an exploration opportunity in the Prek Kampi region of Cambodia.
SEA Resources is in the final stages of securing an exploration licence grant to mine in the Prek Kampi region of Cambodia, which the Government of Cambodia has approved.
Medusa and SEA have agreed to negotiate an earn-in agreement under which Medusa can acquire up to a 70 per cent interest in the exploration licence.
Under the agreement, Medusa would contribute up to a total of US$3 million of exploration expenditure over a period of four years.
The companies have until 1 March 2018 to negotiate and finalise the earn-in agreement.
Shares in Medusa (ASX:MML) closed flat yesterday at $0.48.