Energy Ventures holds a 29.8% interest in Agricola Resources plc, a mineral exploration company listed on the UK's PLUS Exchange (PLUS:AGRI).
In late 2009, Agricola Resources was granted two gold exploration licenses in the Tan Tan Province, Guelmin-Es Semara region of southern Morocco. Agricola Resources has entered into a joint venture agreement with the Minerals Exploration Branch of the Moroccan State Bureau for Mines and Hydrocarbons (ONHYM) and is entitled to earn up to 100% of the projects by funding all exploration costs. Agricola Resources will have management control of the exploration phase and if an exploitable deposit is located, will pay ONHYM a 2% net smelter return thereafter. ONHYM will have the option to retain a 30% interest in the exploitation and development company.
In October 2010, Agricola Resources advised that it is in discussions for a possible acquisition of Kazakh Resources Limited, a company which owns rights to acquire various mineral assets in Kazakhstan, principally for tungsten and molybdenum. If negotiations are successful, then transfer of the assets as a result of the acquisition will require the approval of the Government of the Republic of Kazakhstan.
For more information see the Agricola Resources website at www.agricolaresources.com
