Nevado Resources Corporation announced that it has signed a final agreement with Neomet Technologies Inc. to form a joint venture on the following basis: Nevado - 70%, Neomet - 30%. The purpose of the joint venture is to develop Nevado's wholly-owned La Blache property, or other similar properties to be held by the joint venture. The joint venture will use Neomet's pilot plant to demonstrate the process at a much larger scale based on the flowsheet designed at Neomet's mini-plant, and will then conduct a feasibility study on the property.

The joint venture will have the exclusive right to use Neomet's patent-pending technology to recover metals from similar ores in Quebec, Ontario, Newfoundland and Labrador, as well as other regions of North America as may be agreed from time to time by the joint venture parties.