Albidon signs nickel joint venture with Iamgold in eastern Botswana
source: CNN Money
LONDON, Apr. 21, 2008 (Thomson Financial delivered by Newstex) — Albidon Ltd. said it has signed a joint venture agreement with Iamgold (NYSE:IAG) for the exploration of nickel and other metals at projects on the Maitengwe Greenstone Belt in eastern Botswana.
Under the terms of the agreement, Albidon may earn up to an 80 percent interest in the projects through funding exploration and development activities.
The company said that expenditure of $75,000 within 12 months will enable it to maintain the option to earn a farm-in interest in the tenements. Additional expenditure of $325,000 within 3 years will earn it a 50 percent farm-in interest.
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