ActivEX Ltd and Minotaur Exploration Ltd said they have signed an exploration joint venture agreement with Mitsubishi Corp for the Booubyjan copper-gold project located in southeast Queensland.

Under the agreement, Mitsubishi will spend a minimum of 1.0 mln aud while expenditure of 1.8 mln aud will entitle the Japanese company to a 24 pct interest in the project from Minotaur's current stake.

This would leave Minotaur Exploration with 51 pct and ActivEX holding 25 pct.

ActivEX and Minotaur Exploration have been actively exploring the area since June 2005, carrying out extensive geophysical surveys and a drilling campaign which intersected low grade copper-gold mineralization in association with encouraging alteration styles.

Booubyjan is a porphyry copper-gold deposit in the style of Newcrest Mining Ltd's Cadia Hill mine in New South Wales.

ActivEX chief executive Doug Young said his company welcomes this new association with one of the world's largest companies and one of the leading companies in copper smelting and refining industry.

'The new parties in the joint venture add significant strength to the project and a ready-made market for copper-gold concentrate,' he said.