- Natural resource project generator Cloudbreak Discovery said Temas Resources and Erin Ventures had entered into joint venture agreement to jointly develop Erin Ventures' Piskanja borate project located in Serbia.

Under the deal, Temas Resources, in which Cloudbreak has a 15.8%, may earn a 50% in the Piskanja project by issuing to Erin Ventures 250,000 common shares and 250,000 Temas warrants and by incurring an aggregate of €10,500,000 in expenditures on the Piskanja project.

'The option agreement may be terminated in certain circumstances, including by Erin Ventures if certain milestones are not met in accordance with specified timelines,' the company said.

Upon exercise of the option by Temas Resources, a joint venture would be formed, and Erin Ventures and Temas Resources would become associated as joint venturers to further advance the Piskanja project.

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