Kalamazoo Resources (ASX:KZR) has entered into a Sale and Purchase Agreement with Novo Resources Corp to acquire 50% interest in the exploration Joint Venture over the Queens gold project in Victoria.
The deal involves a payment of $750,000 cash and the issue of $750,000 in Novo common shares.
Kalamazoo Resources says its sold the remaining interest to strengthen its treasury and enable it to deliver its planned exploration and drilling programs in Victoria.
The Queens Project is located in the highly prospective Taradale Fault and surrounds the Malmsbury Gold Project, which is being explored by Novo and GBM Resources (ASX:GBZ).