Navan Resources has ended its exploration joint venture in Bulgaria with the American group Homestake Mining, and has bought out Homestake's stake in the joint venture in return for 500,000 Navan shares, worth around €450,000 (£354,000).

Homestake had originally acquired a 32 per cent stake in the joint venture for $4 million (€3.74 million) and had the right to increase this stake in the joint venture to 50 per cent for a further $4 million. The 500,000 shares issued to Homestake for its 32 per cent stake in the joint venture brings its shareholding in Navan to 6.5 million shares, or 10.3 per cent of the total.