Australian Mines (ASX:AUZ) signed a term sheet with Cabral Resources, a subsidiary of Toronto Stock Exchange-listed GoldMining and Majestic D&M, to earn-in to the Boa Vista project in Brazil, according to a Friday filing with the Australian bourse.
The company may earn up to an 80% interest in the project through staged exploration and development expenditure and milestone-based achievements, with an initial consideration of CA$55,000 for a 90-day exclusivity period, the filing said.
Australian Mines shares fell 9% in midday trade Friday.
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