Aura Minerals Signs JV Deal For Inaja Project With Companhia Vale do Rio Doce

Aura Minerals Inc. has announced that its wholly-owned subsidiary, Aura Gold Mineracao Ltda, has signed a joint-venture option agreement with Companhia Vale do Rio Doce for 51% ownership of the Inaja Project. Aura must pay US$3 million to Vale within 15 days of deal's closing for the option. To earn 51% of the project, Aura must also put US$6 million into Inaja within four years. Coming up with a bankable feasibility study, within three years of electing to do so, will earn another 19%. The news release has further details, including a provision to convert either party's interest to a 2% NSR if that interest falls below 10%.

This item was released last evening. Prior to its dissemination, Aura closed unchanged at 19.5 cents.

The company's Google Finance web page is here.

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