Red Crescent Resources (RCB.TO) said on Monday that South African miner Petmin (PEMJ.J) has agreed to acquire a 10.1 percent stake in the Canadian exploration company for C$4.64 million ($4.78 million). Separately, Red Crescent said it had signed a new definitive agreement with privately held Gensay to acquire a 75 percent interest in the Sivas copper project in central Turkey. The Toronto-listed miner said the new agreement supersedes an earlier deal between the two parties that was signed in February. However, the terms remain substantially the same, it said. Red Crescent, which already controls two zinc projects in Turkey, said C$1.5 million of the funds it receives from Petmin will be used for exploration and development at the Sivas project. Petmin has also signed a "farm-in" agreement with Red Crescent, which gives it the right to earn a 37.5 percent stake in the project if it continues to fund the development.
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