Partners Ressources Robex (RBX-M) and Alpine Exploration (AXC-V) will jointly explore for gold in the Kenieba area of western Mali.
The companies are gaining a stake in a permit application from owner SOMEX-SARL of Mali. Alpine can buy a 65% interest in the property for $275,000, payable over the next two years, as well as 250,000 shares of its common stock. Ressources Robex will acquire a 25% interest for $75,000, payable by April 1997. SOMEX-SARL will retain a 10% interest and a 3% net-production royalty.
The agreement is expected to receive regulatory approval by September.
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