E79 Gold Mines (ASX:E79) agreed to exercise its option with NT Minerals (ASX:NTM) for 100% ownership of the underlying tenement at the Mountain Home Copper-Gold-Bismuth Project in Australia, according to a Tuesday Australian bourse filing.

As part of the agreement in exercising the option early, NT Minerals agreed to reduce the net smelter royalty to 1% from 2% and the royalty cap to AU$1.5 million from AU$3 million.

The company said drilling is planned to start in the project in the current year's upcoming dry season.

The company's shares fell 8% in recent Tuesday trade.