Marine Oil agreement

Irish Marine Oil has entered an agreement with Noranda, the international mining company. The deal involves Noranda spending up to £2 million over four years drilling for zinc on 10 licences in the Shinrone area of Tipperary. The agreement includes a provision for Noranda to take a 75 per cent interest in the licences. Noranda has already identified drilling targets as a result of an airborne survey carried out this year.