Tuesday September 7, 9:29 am Eastern Time
Company Press Release
Southwestern And Asarco To Explore For Copper In Chile
VANCOUVER, BC--(BUSINESS WIRE)--Sept. 7, 1999--Southwestern Gold Corporation (TSE:SWG. - news) is pleased to announce that an agreement has been reached with ASARCO Exploration Company-Chile to explore Southwestern's 100 percent owned West Fissure Copper Project located in central Chile.
The West Fissure Project is comprised of 12 separate properties, totalling approximately 58,000 hectares, located within the main West Fissure Porphyry Copper Belt of Chile. This Belt is host to significant metal deposits including a number of world class porphyry copper deposits: Chuquicamata, Escondida, El Salvador, Cerro Colorado, Quebrada Blanca, El Abra and Zaldivar. The recent discovery of a number of new large porphyry copper deposits, in areas underlain completely by gravels, has generated new interest in the exploration for blind porphyry copper deposits within the main Porphyry Copper Belt.
Under the terms of the Agreement, ASARCO can earn a 51 percent interest by spending US$1 million over two years and making initial property payments of US$71,000. Further, US$500,000 of the US$1 million of exploration expenditures is a firm commitment by ASARCO. ASARCO will also have the option to earn an additional 9 percent interest by funding 100 percent of the costs incurred to prepare a Feasibility Study on any specific property within the West Fissure Project. ASARCO is the project operator and a first phase exploration program has been initiated.
Southwestern Gold Corporation presently has over 22 joint ventures with companies including Newmont, PanAmerican Silver, Teck, Pasminco, Paramount Ventures, Southern Peru Copper, Minorco, Cambior and Cedimin. The Company is exploring for diamonds in Brazil and Canada through its 54.7 percent owned subsidiary, Canabrava Diamond Corporation, in partnership with Kennecott/Paramount and SouthernEra. |
