March 6, 2017 / 5:28 PM / 5 months ago

BRIEF-Goldstrike forms strategic alliance with Newmont and its unit

1 Min Read

March 6 (Reuters) - Goldstrike Resources Ltd :

* Entered into a strategic alliance with Newmont Mining Corporation and its subsidiary, Newmont Canada FN Holdings ULC

* If Newmont elects to proceed with phase 2, it must incur minimum of an additional $16 million in exploration expenditures

* Newmont agreed to purchase 12.7 million units of Goldstrike by way of non-brokered private placement at price of C$0.4742 per unit

* Under strategic alliance, Goldstrike has agreed to grant to Newmont right to earn 51% interest in Goldstrike's plateau project

* After completion of phase 2, Newmont must fund all expenditures on plateau

* If Newmont does not complete phase 1 or phase 2, its interest will revert to 49% in Co's plateau project

* Proceeds from placement to be used to fund 2017 exploration program on plateau project, which will be jointly managed by Newmont,Co Source text for Eikon: Further company coverage:

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