St Barbara
(ASX:SBM) has entered into an Earn-in and joint venture agreement with Australian Potash covering tenements at the Lake Wells Gold Project.
St Barbara will pay Australian Potash $1.25 million in cash consideration to enter the agreement.
There is a minimum exploration spend of $1.75 million during the initial 12 month Earn-in period.
Following the initial earn-in period St Barbara can elect to earn a 70 per cent interest in the project by spending a further $3.5 million over 24 months.
The investment is aligned with the company's strategy of targeted investments in early to advanced stage exploration through earn-in arrangements, joint ventures or direct equity investments.
Shares in St Barbara
(ASX:SBM) are trading 0.81 per cent higher to $3.73
