WTC-t...in the news:
Western Copper options San Jeronimo property to Apex
Mr. Dale Corman reports
WESTERN COPPER HOLDINGS LIMITED OPTIONS ITS SAN JERONIMO SILV ...
Western Copper Holdings and Cordilleras Silver Mines LDC, a wholly owned
subsidiary of Apex Silver Mines Limited, have entered into an agreement
whereby Apex will undertake exploration on the San Jeronimo property in the
state of Zacatecas, Mexico, through 2005. Under the agreement, Apex has the
option to earn a 70-per-cent undivided interest in the property by making
all option and tax payments on the property through March, 2005 ($1,145,000
(U.S.) in total), and can earn an additional 10 per cent by arranging
financing to place the property into commercial production. In addition,
Apex will pay Western $10,000 (U.S.) in 2002, $15,000 (U.S.) on Jan. 1,
2003, and $20,000 (U.S.) on Jan. 1, 2004. Upon earning its interest, Apex
and Western will incorporate a Mexican subsidiary and operate the project
as a joint venture. Western will initially be the operator of exploration
on the property.
The San Jeronimo prospect is located 20 kilometres south of the city of
Zacatecas in the heart of a strongly mineralized zone known as the Faja de
Plata. Mines of the district were important producers of high-grade silver
until shut down by the Mexican Revolution in 1911. Prior to Western's
acquisition of San Jeronimo in 1998, the property had never been drilled.
Mapping, sampling and limited drilling by Western along the
2.5-kilometre-long Loreto vein system have demonstrated significant
potential for both high-grade and bulk-minable vein/stockwork silver
mineralization. |
