Joutel increases Cuban exposure

An arms-length agreement with a private company has given Joutel Resources (TSE) an exposure to 11,000 sq. km of ground in Cuba.

Joutel says it has signed a deal with Earthunt International Minerals Corp. to acquire the remainder of Earthunt’s exploration and mining rights being negotiated with the Cuban government.

Joutel will pay Earthunt $60,000 in cash and will issue 600,000 shares, subject to the signing of a formal agreement and receiving regulatory approval. Earthunt will be entitled to a 0.5% net smelter royalty on mining rights.

The signing of a formal agreement with the Cuban government is expected by mid-March, Joutel says.