Australia-based Medusa Mining has entered a memorandum of understanding (MoU) to explore opportunities in the Prek Kampi region of Cambodia.

Partners in the project include SEA Resources, its Cambodian entity Sovann Resources and shareholders.

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As part of the exploration, the primary targets will be gold and copper, although the licence is exclusive and will also cover oil and gas, and precious stones.

The Government of Cambodia has selected SEA to apply for the grant of a metallic mineral exploration licence in the Prek Kampi region of Cambodia.

Currently, SEA is in the final stages of securing the grant of that licence by the Government of Cambodia.

“This is Medusa’s opportunity to expand its presence in South East Asia and fully align to the company’s longer-term strategic diversification plan.”

Under the deal, the companies have agreed to negotiate an earn-in agreement, with Medusa able to acquire up to a 70% interest in the exploration licence.

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The MoU is a non-binding framework to guide the parties in the finalisation of the key terms, while Medusa and SEA have until 1 March to finalise the earn-in agreement.

Under the earn-in agreement, SEA grants Medusa the option to acquire up to 70% of the shares of the SEA entity that is granted the Prek Kampi exploration licence. This is in exchange for Medusa contributing up to $3m of exploration expenditure over a period of four years.

Medusa managing director Boyd Timler said: “Medusa considers Cambodia, an emerging business location, as an environment in South East Asia to conduct mineral exploration.

“Medusa is pleased to be partnering with SEA, who have significant knowledge of the geology, mineral endowment and exploration activities within Cambodia.

“This is Medusa’s opportunity to expand its presence in South East Asia and fully align to the company’s longer-term strategic diversification plan.”