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Proto and Dourado join forces to explore for copper, gold

13th June 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed Dourado Resources has entered into a joint venture (JV) with fellow-listed Proto Resources & Investment over the Mooloogooli copper/gold project.

Under the terms of the JV, Proto would acquire an initial 51% interest in the project by spending some A$410 000. The payment would consist of A$50 000 in cash and some 180-million fully paid ordinary shares in Proto.

The junior could earn a further 19% interest by meeting certain expenditure targets.

The company was required to spend at least A$1-million before earning any additional interests in the Mooloogooli project.

Proto MD Andrew Mortimer noted that the area around the Mooloogooli tenement was prospective for copper/gold, and added that Proto would now look to explore for these minerals within the tenement area.

The Mooloogooli project consists of 13 tenements covering some 2 400 km2, and lies within 30 km of Sandfire Resources' DeGrussa project.

Edited by Creamer Media Reporter

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