Coeur will pay Renaissance US$250,000 per year for two years to carry out grass roots exploration.
After that, any project Coeur wants to go forward with will require exploration spending of up to US$3mln over three years for a 70% stake.
Ronald Parratt, Renaissance’s chief executive, said: “We are very excited to have a growing relationship with such a strong company as Coeur.
“Not only are they funding exploration of our Arabia project but are now willing to also finance grassroots exploration.”
Story by ProactiveInvestors