TSX-V-listed Novo Resources Corporation has entered into a $30-million farm-in and joint venture agreement with Sumitomo Corporation of Tokyo to advance the Egina project, located in Western Australia.
Through the agreement, Sumitomo is entitled to earn up to a 40% interest in the project by spending up to $30-million, or C$40-million, over three years, with a required minimum of $5-millino for each phase defined by a programme and budget.