March 6 (Reuters) - Goldstrike Resources Ltd GSR.V :
* Entered into a strategic alliance with Newmont Mining Corporation (NYSE:NEM) and its subsidiary, Newmont Canada FN Holdings ULC
* If Newmont elects to proceed with phase 2, it must incur minimum of an additional $16 million in exploration expenditures
* Newmont agreed to purchase 12.7 million units of Goldstrike by way of non-brokered private placement at price of C$0.4742 per unit
* Under strategic alliance, Goldstrike has agreed to grant to Newmont right to earn 51% interest in Goldstrike's plateau project
* After completion of phase 2, Newmont must fund all expenditures on plateau
* If Newmont does not complete phase 1 or phase 2, its interest will revert to 49% in Co's plateau project
* Proceeds from placement to be used to fund 2017 exploration program on plateau project, which will be jointly managed by Newmont,Co Source text for Eikon: Further company coverage: GSR.V