Teck (TEK-T) and Australian producer MM Gold have scrapped a proposal to explore jointly the Masao gold project of South Pacific Resources (SHF-A) in Kalimantan, Indonesia.
Teck and MM Gold decided against involvement in the project as a result of the sluggish gold market.
Under terms of the former agreement, Teck and MM Gold were to have spent US$3 million each on exploration of the Masao and Mirih properties, both of which have potential for epithermal gold and copper-gold porphyry deposits.
Those expenditures would have earned the companies a combined interest of 51%. They had the option of earning an additional 9% interest by spending a further US$1.5 million each.
Teck and MM Gold have until Dec. 19 to decide whether to explore the Mirih project.
Consolidated Brightwork Resources (KBW-V) has changed its name to Petra Resource (PET-V).
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