• Dundas Minerals to earn-in and fund exploration at Cazaly's Romano project
• Cazaly to receive upfront consideration of $500,000 with potential for further payments
• Dundas to spend $2 million over 2 years to earn an 80% interest in the Romano project

Cazaly Resources Limited (ASX:CAZ) has announced that it has entered into an agreement with Dundas Minerals Limited (ASX:DUN) to sell and joint venture its wholly owned Romano gold project located in the north eastern Goldfields of Western Australia. The Romano project comprises one granted exploration licence and four exploration licence applications located along the eastern margin of the Yamarna Shear Zone and is adjacent to the operating Gruyere gold mine. Under the agreement, Dundas will earn an 80% interest in the Romano project tenements by paying Cazaly an initial $150,000 in cash and issuing $350,000 worth of Dundas shares. Upon grant of each tenement application, Dundas must pay Cazaly an additional $150,000 and issue $150,000 in shares. The 80% earn-in also requires $2,000,000 in exploration expenditure within 2 years. Cazaly will retain a 20% free-carried interest in the project until the completion of a positive feasibility study. Cazaly Managing Director Tara French stated that the agreement allows Cazaly to focus on its lead project at the Goongarrie gold project while receiving value for its non-core Romano asset and retaining a material 20% interest in the large-scale exploration project.