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Exploration activities are being accelerated following the joint venture agreement with Lundin Mining Exploration secured in February 2009. Lundin is a wholly owned subsidiary company of TSX listed mid-tier miner - Lundin Mining Corporation.
According to the agreement:
- Lundin has a right to earn up to a 70% interest in the Prospecting Licences that Belmore currently holds in Co. Clare.
- To earn the 70% interest Lundin needs to spend up to €14.7 million over a number of years.
- Initial expenditure will be €700,000 by June 2009.
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