Azure formalises Geoinformatics Exploration joint venture

Azure Minerals Limited, the Australian-based precious and base minerals explorer and developer operating in the Sierra Madre region of Mexico, has reported that it has completed all earn-in requirements relating to its Mexican alliance and joint venture agreement with Geoinformatics Exploration Inc.

The joint venture, comprising 13 mineral exploration projects, has now been formally established, with Azure entitled to a 51% direct interest in the projects.

A work programme and budget for the remainder of 2008 has been finalised and the initial focus of exploration will be further drilling on the Pozo de Nacho molybdenum project.

The companies aim to complete a JORC Code compliant resource estimate for Pozo de Nacho by the end of 2008, after which they will return to Los Chinos where promising silver-lead-zinc mineralisation has been discovered.

Geoinformatics will not be contributing to the 2008 exploration budget and Azure’s interest in the project will increase under standard industry formulae.

According to Azure Minerals’ executive chairman, Tony Rovira, the company now has an appropriate mix of joint venture and 100% owned properties, from early and advanced stage exploration to near development.

Azure will be developing both its joint and 100%-owned properties together, allowing significant exploration synergies.