Jubilee, the AIM and Altx traded metals processing company refers its shareholders to the announcement released today by Caerus Mineral Resources ("Caerus") (LON: CMRS), an exploration and resource development company focused on developing mineral resources in
Cyprus with a focus on copper and gold. Jubilee has entered into an agreement with Caerus ("Exclusivity Agreement") granting Jubilee a six-month exclusive period during which Jubilee will assess the technical merits, development and economic prospects of all of Caerus' surface-based mining waste and tailings assets in
Cyprus.
The ultimate objective of the Exclusivity Agreement is to identify and define potential projects within the Caerus portfolio that can be scaled-up and prioritised into one or more joint venture arrangements with Jubilee, targeting profitable production using modern designs and technologies guided and financed by Jubilee. Jubilee would become operator of any assets which may be developed under any joint venture with Caerus. Caerus would retain ownership of any assets and Jubilee would benefit from a profit share.