Precious Metal Resources Limited (ASX:PMR) has received funds to advance its NSW gold tenements.  

Chinese and state owned Jiangsu Geology and Engineering Co has agreed to boost its funding to $21 million to joint venture partner Sovereign Gold Co Limited (ASX:SOC) to fast-track the exploration of gold tenements in common.  

Additionally, Precious Metal announced an additional $8 million from Jiangsu to further explore its New England tenements.

Precious Metals booked a half year net profit of $28,424.