A JV(joint venture)usually has the larger mining company agreeing to pay for most(if not all)of the costs incurred for the different phases of drilling.In return the exploration company,receives a percentage of the minerals to be mining...example,TECK JVs with CNEX,we get 5%,and they get 95%.Generally the smaller company receives a small percentage,but remember,all expenses are paid by the mining company,which can be in the millions of $$$.Also for arguements sake,lets say the reserves are estimated to be 1.5 billion,over the life of the mine,then CNEX would get about $200 million,not to bad at all.There are of course variables possible,and any higher percentage for CNEX,only makes it that much better.
