Metal Tiger (LON:MTR) announced its first exploration activity in Spain - as it struck a deal for a tungsten and gold joint venture in the country.
Following negotiations and due diligence, it has entered a joint venture with Logrosan Minerals, a special purpose vehicle, for a 50% share, in an area consisting of one licence and two licence applications in Extremadura, Spain.
Metal Tiger is to fund up to the next €500,000 in exploration - the first payment being €100,000 and the balance of up to a total of €500,000 to be transferred over the rest of 2015.
An agreed exploration programme includes up to 5,000 metres of drilling.
If Metal Tiger provides the total of €500,000 for 2015 exploration programme funding it will hold 50% of the equity in Logrosan Minerals.
Chairman of Metal Tiger Terry Grammer told investors: "Metal Tiger is pleased to be commencing its first exploration activities in Spain.
"The board determined this Spanish project, based on the detail and level of work that had already been undertaken, and the commercial terms agreed, made this joint venture a stand-out opportunity for Metal Tiger and its shareholders.
"Metal Tiger shall provide a follow-up detailed update about historic data and we look forward to reporting on findings under the JV over the course of this year."