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ASX:MGK) has entered into a Memorandum Of Understanding with Beijing SinoTech Institute of Mineral Exploration Co., Ltd. to fund MIL's copper/gold/nickel/molybdenum exploration projects in Papua New Guinea. Subject to SinoTech's completion of due diligence by 30 December 2010, MIL's shareholder approval and Australian regulatory approvals, SinoTech (or its subsidiary) will acquire 30% shares in MIL at a fixed price of A$0.034 per share, raising A$5 million.
SinoTech may earn up to 50% in any or all of MIL's projects in PNG through funding exploration expenditure. SinoTech may then earn up to 70% of the project by fully sole funding a feasibility study.
SinoTech is a Chinese exploration company focusing on mineral exploration, mine development and geological services. SinoTech has achieved great success in its overseas exploration and investment. It has investment in Canaco Resources Inc.(
CVE:CAN) (PINK:CANWF) who has discovered a new gold belt in Tanzania.
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