NAVAN Resources and the Australian mining group MIM are taking a 55 per cent stake in nine prospecting licences held by Ennex International, which cover the so called "Moate Block" in counties Westmeath and Roscommon.

The farm in deal will result in Navan and MIM spending 5400,000 on exploration on the licences by the end of 1997 followed by a $3 million expenditure over the following five years.