MGV – MUSGRAVE MINERALS SECURE EARN-IN JV WITH EVOLUTION FOR $1.5M FOR CUE PROJECT AND TIPS $1.5M INTO MUSGRAVE COFFERS.

Musgrave Minerals have entered into a Earn-In, come JV arrangement to accelerate the exploration of Musgraves Cue Project, centered around the Lake Austin area.

As well, Evolution has agreed to subscribe for 18m shares @ $0.087c for $1.5m in Musgrave. Evolution under the agreement can earn 75% in the JV area by sole funding of $18m over 5 years with a minimum expenditure of $4m over the first 2 years. If Evolution elect not to spend the entire $18m over the 5 years period then Musgrave retain a 100% of the area. Evolution then walks away with nothing. This JV with Evolution is of bigger significance that most realise in my opinion and signifies this is going to get hot, hot hot.

Under the JV agreement, Musgrave retains 100% of the current areas hosting known gold resources, including Break of Day and Lena and the Mainland area. Musgrave will be the Managers of the JV during the first 2 years or the minimum expenditure period whichever comes first.