Irving Resources Inc. announced that Newmont Exploration Pty Ltd, a wholly-owned subsidiary of Newmont Corporation (collectively, the "Property"), the exploration work on which has been funded under alliances formed by the Company with Newmont and with Sumitomo Corporation ("Sumitomo"), for joint venture. The parties will use commercially reasonable best efforts to enter into a joint venture agreement or similar governing agreement within 90 days which is expected to include an exploration program up to an initial USD 5 million. Initially, Property interests will be split 60% to Newmont, 27.5% to Irving, and 12.5% to Sumitomo if Sumitomo elects to participate, and Irving will be the initial joint venture manager.

Irving and Sumitomo will have a one-time right to elect to maintain their respective interest in the Property by contributing their respective share of Property expenditures. If such right is not exercised, the relevant party's interest will be subject to dilution.