Keylock venture in Czechoslovakia

Calgary-based Keylock Resources (ASE) says it has agreed to form a joint venture with Czechoslovakia’s state mining company, Rudne Bane.

Under a 50-50 partnership, the two companies will evaluate all of Rudne Bane’s gold and silver properties from both an exploration and a production perspective.

Keylock says the evaluation, scheduled to begin by Aug. 1, will take about four months. At any time during this period, Keylock has the right to negotiate further joint ventures for exploration or development of selected properties.

Keylock recently completed a private placement of 600,000 shares at 25 cents per share. Proceeds of $150,000 will be used for exploration programs on the company’s gold and silver properties in Nevada.