Marvel and Resolution signs a joint venture agreement

Marvel Gold Limited (ASX: MVL) stated that it has entered into an earn-in and joint venture agreement with Resolute Mining Limited for its Kolondieba Gold Project (Kolondieba). The JV Agreement follows the completion of prerequisites for the acquisition of 100% of Kolondieba from B2Gold Corp. According to the JV Agreement, Resolute must pay Marvel an upfront cash payment of US$250,000 and has the opportunity to gain a 51% interest by sole-funding exploration at Kolondieba for the next 24 months.

Resolute can earn an additional 19% by deciding to sole-fund exploration spending of US$4,000,000 in the 36 months following its election. The JV aims to explore, if feasible, develop and operate a profitable gold mine and mine minerals at the Kolondieba tenements (Tenements). 

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