Arian Resources Corp. and Sinomine Resource Exploration Co. Ltd. have signed a Supplementary Agreement related specifically to the development of the Perlat high-grade copper-gold project in Albania.

Both companies see the potential to advance the Perlat project, which has a high-grade historic copper-gold resource, to production. To this end, the Supplementary Agreement covers the terms under which Sinomine can potentially earn a majority interest in the project, by taking it into production. The Agreement calls for Arian to fund a $3 million work program to cover a 5,000 meter drill program, which will be carried out by Sinomine.

The drill program is to be completed by December 31, 2014. The work program will be developed jointly by both companies and is subject to Arian's consent. The objectives of the drill program are to determine the requirements and feasibility of putting Perlat into production.

It will include confirmatory drilling and due diligence with respect to the historic drilling, and technical and financial evaluation of putting Perlat into production.