The JV is currently owned 51% by Newmont and 49% by Revelo, but Newmont has elected to pursue a further 14% (to 65%) in the JV company, and has an option to earn up to 75%, according to the Venture Agreement ("Agreement") (see news releases dated January 20, 2014 and February 23, 2015).

Additionally, Newmont has indicated that it plans to start drill testing of key anomalies on the approximately 45,285-hectare Montezuma Project in Q3 2016.

Through February, 2016, Newmont has spent a total of approximately US$5.6M at Montezuma since the Agreement was signed in January 2014.

Newmont is exploring the Montezuma Project for porphyry Cu-Au-Mo deposits and related mineralization utilizing historical datasets together with programs of detailed geological mapping and proprietary geophysical and geochemical technologies.

Geological mapping has been integrated with downhole data from an extensive re-logging program of over 30,000 m of historic drilling and over 5,000 surface geochemical samples, which have generated three-dimensional geological models of the drill hole geology, hydrothermal alteration and assay data. This work has defined several potential targets of interest for copper, gold and molybdenum.

The Montezuma Project comprises approximately 45,000 Ha of 100% owned tenements, together with an option over an additional 285 Ha.

It is located along the main porphyry copper belt in northern Chile, commonly known as the Domeyko Cordillera, directly along the main West Fissure Fault System that controls several copper deposits in the area, midway between the giant Chuquicamata (Codelco) and Centinela (Antofagasta Minerals) copper mining districts.

The Project is centred approximately 20Km south of the important mining town of Calama. Access to the Project is excellent via a good quality dirt road leading off from paved roads around Calama, and altitudes vary from approximately 2,600 m to around 3,100 m.