KIEV, July 27 – Canadian-based Secova Metals Corp. has signed a Memorandum of Understanding with a private group to acquire up to a 90% interest in the Sergeevske gold deposit in Dnipropetrovsk region.

As the company said in a press release, the terms of the MOU allow Secova to earn up to 90% of the deposit by spending five million U.S. dollars in exploration over five years (for a 65% interest) and a ten million U.S. dollar cash payment for a further 25% interest.