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Gold/Mining/Energy : Copper - analysis

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From: Cal Gary	10/24/2008 3:02:18 PM
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FMW Santo Domingo project For Sale in 2009? Far West completes phase 1 drilling at Santo Domingo 2008-10-23 12:49 ET - News Release Mr. Richard Zimmer reports FAR WEST MINING PROVIDES UPDATE ON DEVELOPMENTS AT ITS SANTO DOMINGO COPPER-IRON PROJECT IN CHILE Far West Mining Ltd. has released the following update of corporate developments at its Santo Domingo copper-iron project in Chile. The company has had preliminary discussions with several financial advisory firms, both in Canada and Europe, to select a firm for strategic advice. A decision on selection of the most appropriate firm will be made later this year. All firms recommended that the company update the resource report (prepared by Scott Wilson Roscoe Postle in September, 2007) to incorporate the results from the 2008 drilling programs and the iron metallurgical work. Depending on market conditions and interest, the company will make a strategic decision in 2009 to sell the project, pursue a joint development or proceed on its own by either updating the scoping study prepared by AMEC Chile (see news release in Stockwatch dated April 1, 2008) or immediately proceeding to a prefeasibility study. In preparation, the company has signed confidentiality agreements with a number of major mining and smelting companies interested in advancing the development of the Santo Domingo project. Optimization studies on the impact of copper and iron prices on pit design are being conducted. The designs used in the scoping study were based on price assumptions of $1.40 per pound copper and $26 per tonne iron concentrate. The company believes that the use of higher prices for the pit design is justified by the three-year averages of both metals that are significantly higher than the assumptions used in the scoping study. The use of higher prices has the potential to add significant tonnage to the tonnage previously reported (240 million tonnes of 0.54 per cent copper (Cu) and 24.3 per cent iron (Fe) -- see news release in Stockwatch dated April 1, 2008). Phase 1 of the recent drilling program has been completed, and the company expects to announce drill results before the end of November. Drilling has taken place on the Iris Norte zone and the area between Santo Domingo and Iris deposits. The drilling between the Santo Domingo Sur and Iris deposits was planned to investigate the possibility of connecting both open pits in the project plan. The results from the 26-drill-hole program completed in the first quarter of 2008 and the results from both phase 1 (eight drill holes) and phase 2 (10 drill holes) of the current drilling program will be included in the updated resource report. The resource report is expected to be completed in the first quarter of 2009 and will be included in the information memorandum to be prepared for companies interested in the acquisition or joint development of the Santo Domingo project. We seek Safe Harbor.

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