Partners to fund two-year exploration program
On January 11, 2010, TVIRD announced it had entered into a Heads of Terms Agreement toward the establishment of an unincorporated JV. The JV partners will fund an exploration program in The Greater Canatuan Tenement area for a period of two years amounting to a maximum of US$2 million, to be shared in accordance with their respective interests (TVIRD 70%, DMCI-CERI 30%).
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DACON Director Isidro Consunji (left) and TVIRD Senior Vice President and Chief Operating Officer John Ridsdel sign the Joint Venture agreement for the exploration, development and production of mineral deposits in The Greater Canatuan Tenement area.
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Now that the Joint Venture has been finalized, the parties have 30 business days in which to agree on a work program for the coming year. In the meantime, the partners have begun working together on the process of finalizing the government permits required to begin exploration activities and drilling and TVIRD, as Operator, is preparing its communications program with community stakeholders. Further information on the work plans and exploration program will be released once they are finalized and approved by the partners.