Canada's Reservoir Minerals and USA's Freeport McMoran to invest USD 18 million in gold exploration near Bor

Reservoir Minerals from Canada and the U.S. firm Freeport McMoran have reached an agreement on joint investment in the copper and gold exploration project Cukaru Peki near Bor, for the purpose of which USD 18.7 milllion will be set aside in 2015, it was announced Saturday.

As it was explained, the agreement between the two companies pins all the responsibility for the approved budget for further geological research on Freeport which will acquire 75% stake in the joint venture Rakita Exploration in case the feasibility study is completed, whereas remaining 25% will be in the possession of Reservoir Minerals.

- Reservoir is satisfied with the result of negotiations on joint investment and the agreement between Timok Project shareholders and our partner company Freeport, as well as with the agreement on the USD 18.7 million budget for 2015 - said Simon Ingram, president of the Reservoir Minerals company.

If the joint venture finishes the feasibility study and gets positive results, realization of plans to build a mine could finally start.