• Binding HOA to establish an exploration alliance and joint venture in Guinea's Siguiri Basin
• Fortuna to spend up to US$12.5m over 3 years to progress exploration, with 70% ownership
• Alliance builds on collective strengths of both companies, with DeSoto's Guinea presence and Fortuna's technical expertise

DeSoto Resources Limited (ASX: DES) has executed a binding Heads of Agreement (HOA) with Fortuna Mining Corp (TSX:FVI) to establish an exploration alliance (Alliance) and Joint Venture (JV) across an area of interest in Guinea's Siguiri Basin. The Alliance will apply for, acquire and explore new permits over a prescribed Area of Interest (AOI) in the Siguiri Basin. Once the target permits have been acquired, Fortuna will spend up to US$12.5m over three years to progress exploration in a 70% Fortuna - 30% DeSoto joint venture. The Alliance builds on the collective strength of both companies, with DeSoto being well established in Guinea with strong exploration credentials, and Fortuna a West African producer with strong technical expertise and a large exploration budget. Both companies believe the Siguiri Basin remains one of the few remaining regions globally with the potential to host large (+2Moz) open-pittable deposits, and new and existing opportunities have already been identified across the basin. The two companies have already made joint representations to the Government in Guinea, with Managing Director Chris Swallow and Fortuna Senior Vice President - Exploration Paul Weedon meeting key Ministers and advisors in late August.

The Alliance creates a solid platform to deliver discovery success in one of West Africa's premier gold provinces.