Under the terms of the agreement, Plymouth Minerals can earn 80% interest in the project for cash and share based payments of €300,000 or A$420,000 over 12 months.
Located in the Salamanca province, within the Castilla y León region in central Spain, the high grade Morille project involves five exploration permits covering multiple historic underground and open pit tungsten and tin mines.
With first phase of drilling scheduled for late 2013 or early 2014, the company is planning to explore for extensions of known mineralisation, repeats and new discoveries.
Plymouth managing director Adrian Byass said Plymouth will work with Aurum Mining to advance the Morille tungsten-tin project as rapidly as possible.
"This acquisition complements other projects currently under review by Plymouth in the region and is further evidence of the Company’s growing regional focus in the Iberian Peninsula," Byass added.
"We consider the acquisition has exciting potential to deliver a solid tungsten project in a mining friendly district, and the Company remains well funded to acquire the project." Byass continued.
The acquisition is subject to ASX and regulatory approvals.
