Under the terms of the agreement, Plymouth Mineral will acquire a 95% stake in Minaport, which holds the Numao project and the Sarzedas project in central Portugal.
In 2010, the company has discovery high grade gold at the Numao project during a highly successful maiden drill program which involved 18 diamond core hole for 5,242m.
Plymouth is planning to perform a second phase of drilling in late Q4 2013 or early 2014 to target extensions of known mineralization, following completion of the acquisition, which is subjected to ASX and regulatory approvals.
Additionally, the company will test geological models to better understand the controls of mineralisation and intrusion related gold model.
Plymouth managing director Adrian Byass said that the recent drilling results have unveiled exceptional high grade results in almost every hole over a large area.
"It is too early to estimate a resource, and no guarantee that one will be defined, but we consider that the Project has exciting potential to deliver a very high grade gold project in a mining friendly district," Byass added.
"Plymouth remains well funded to purchase the project and conduct the next phase of exploration which we will commence as soon as practicable."
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