- Ardea Resources (ARL) has entered a farm-in joint venture agreement with ASX-listed gold producer, Red 5 (RED)
- Under the deal, Red 5 can earn up to an 80 percent interest in Ardea’s Mt Zephyr and Darlot East gold projects in WA
- Both of these projects are located near Red’s Darlot Gold Mine
- To earn the 80 percent interest, Red 5’s subsidiary, Darlot Mining Company, will need to spend $2.3 million over three years
- Ardea shares closed down 2.04 percent, trading for 4.8 cents
- Meanwhile, Red 5 shares are up 1.92, worth 26.5 cents per share at market close
