EV Resources (ASX:EVR) agreed to sell its La Cienega Project in Arizona to Magnum Mining and Exploration (ASX:MGU), according to a Wednesday filing with the Australian bourse.

As part of the deal, EVR will receive a 2% net smelter return royalty on any minerals produced from the project, the filing said.

The sale is contingent on Magnum completing due diligence and obtaining necessary shareholder and regulatory approvals, the filing added.