Australian gold miner Clancy Exploration has signed an agreement that will expand its existing relationship with Gold Fields Limited, the company announced.
The deal will see Gold Fields granted the right to expand the number of joint ventures with Clancy and directly drive the exploration programs on its existing joint venture projects in the Lachlan Fold Belt in Southeaster Australia, Clancy said.
The agreement will give Clancy the opportunity to increase it exploration levels in the area, managing director Mark Stewart said.
“This agreement allows Clancy to benefit from a well funded, active exploration program in the highly prospective Lachlan Fold Belt, strongly supported by Gold Fields,” he said.
“Gold Fields is one of a growing number of significant gold industry peers recognising the highly prospective nature of the province.”
Stewart said that being able to complete the deal has allowed Clancy to move forward despite the current financial downturn.
“Being able to continue to advance our exploration and discovery aspirations in the current investment climate, as well as prudently managing our financial resources, is an outstanding outcome for Clancy,” Stewart said.
“Clancy has always sought to aggressively advance its exploration projects, with a substantial upside for shareholders with exploration success.
“This agreement allows us to continue to deliver for our shareholders.”