Power Metallic Mines Inc. (TSXV:PNPN) has entered into a joint venture framework agreement with Amaar United Mining Company to pursue mining license opportunities in Saudi Arabia.
The agreement establishes a 50/50 ownership structure. Power Metallic will serve as technical lead, while Amaar Mining provides local coordination.
Amaar Mining will contribute $7.5 million and Power Metallic $2.5 million toward the first $10 million of approved work programs. Subsequent funding will be split equally.
CEO Terry Lynch: "This is an important step in building a durable Saudi exploration platform."
