Under the deal, Energy Ventures will undertake a $A500,000 exploration program over two years and will have the option to enter a joint venture with Albidon on one or more projects.
Energy Ventures may earn a 30% interest in each project area selected by it for farm-in by investing $A1 million in the project, and may then proceed to earn 70% interest by completing a pre-feasibility study.
The prospects are located in the uranium-rich Karoo Basin in Southern Zambia.
Energy Ventures said major geophysical and drilling programs had been planned for the next six months.
Energy Venture shares closed yesterday at $A4.42. Albidon stocks closed at 68c.
