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Company Press Release
BHP/Centurion joint venture at Little Bingham copper
project expands
SALT LAKE CITY--(BUSINESS WIRE)--June 9, 1997--BHP Mineral International
Exploration Inc., a subsidiary of The Broken Hill Proprietary Co. Ltd. (NYSE:BHP), has notified
Centurion Mines Corp. (NASDAQ:CTMC) they will continue into the next stage of the joint venture
project at ``Little Bingham'' (Utah, USA) that commenced in January 1996.
Exploration results to date, including geologic, geophysical and geochemical work, plus drilling, are
favorable. BHP will make a $20,000 cash payment to Centurion, and has the option to earn a 75
percent interest. The ``Little Bingham'' porphyry copper prospect is located approximately 70
miles southwest of Salt Lake City and 14 miles west of Eureka, Utah.
Exploration by BHP thus far has consisted of detailed geologic mapping plus extensive geophysical
and geochemical surveys. Also, BHP has completed 3,190 feet of reverse circulation drilling. BHP
has significantly expanded the original joint venture property by adding an additional 1,340 acres
of mining claims and mineral leases.
BHP has advised Centurion that additional drilling will be carried out as soon as permits are
issued. This exploration program will be directed toward the discovery of a large commercial
porphyry type copper deposit.
Under the terms of the joint venture, BHP has the option to earn a 75 percent interest by paying all
costs through a positive feasibility study, with periodic cash payments to Centurion.
After earn-in, Centurion can maintain a working interest by paying 25 percent of costs, or may
convert to a 15 percent net profits royalty interest with all costs being paid by BHP. This provision
of the agreement protects Centurion in the event it is not able to fund its 25 percent share of future
development costs.
BHP is one of the world's largest mining companies, and the second largest copper producer in the
world. Centurion Mines is one of the largest holders of mining properties in the state of Utah, and
is in the business of exploration, development, and mining of gold, silver and copper.
NOTE TO EDITORS: Centurion stock quotations are reported daily in
The Wall Street Journal, NASDAQ Small Cap issues as CntMne. |
