OTML, Frontier ink deal on exploration project

OK Tedi Mining Ltd (OTML) has signed a deal putting up exploration farm under a joint venture set up.This will be with wholly-owned subsidiaries of Frontier Resources Ltd (Frontier Resources).The first joint venture (JV) relates to two exploration licences (ELs) for Bulago (EL 1595) and Leonard Schultz (EL 1597)) held by Frontier Gold PNG Ltd (Frontier Gold).The second JV relates to Likuruanga in West New Britain (EL 1351) and two EL Application (ELA) areas (Central New Britain (ELA 1593) and East New Britain (ELA 1592).Each of these tenements is held by Frontier Copper PNG Ltd (Frontier Copper).In a statement on its website, OTML said it was committed to exploration expenditure of US$2.5 million (K7 million) and an additional US$1 million (K3mil) share placement in Frontier Resources.