October 8 (SeeNews) - Canadian mineral explorer Gentor Resources Inc said its Turkish unit has signed two joint venture (JV) option agreements with local firms in northern Turkey's Kastamonu-Sinop region.
The contracts are a result of an ongoing regional search for volcanogenic massive sulphide (VMS) deposits, Gentor said in a statement on Monday.
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Each of the JV option agreements is for a 50% stake in three permits in the Boyabat area against $60,000 in cash payment on signature and a minimum expenditure of $140,000 within the option period. On expiry of the option period Gentor has the right to earn a 75% stake in the permits by spending $1.2 million or completing a bankable feasibility study, it said.
Gentor has the right to purchase the VMS rights on the permits for $1 million cash in the first JV option, which expires on June 18, 2014. The second JV option period expires on May 15, 2014.
Gentor said also that it would undertake a strategic review of its properties in Oman over the coming months.