Shares in Great Western Exploration Limited (ASX:GTE) rose yesterday on news the metals explorer has inked a deal with a Kazakh state miner to develop a prospective copper field in Kazakhstan.
Under the Heads of Agreement both companies are targeting to explore between 750,000 to 2 million tonnes of contained copper metal, based on exploration reports from the Soviet-era.
Great Western Exploration will fund the project through to a bankable feasibility study in order to earn its 50 per cent interest in the joint venture.
The company says Kazakhstan has a long history in mining but is one of the world’s most underexplored countries for minerals.
Shares in Great Western Exploration rose 5 per cent yesterday, closing at $0.420.
In the 12 months to June 30, 2011 Great Western Exploration booked a net loss of $1.77 million.
