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Gold/Mining/Energy : Rock Resources
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To: Carol who wrote (32)10/26/1997 2:19:00 PM
From: the Chief  Read Replies (1) of 1996
 
Los Pelambres and El Pachon are two properties Northeast of Rocks property. Los Pelambres is owned by the Luksic group. Los Pelambres is estimated to hold 2 BILLION tonnes of copper mineralization. The mine is currently producing 15,000 tonnes of ore a day with plans to increase production to 85,000 tonnes per day. Cambior (El Pachon) is presently completing the evaluation of the El Pachon porphyry copper deposit and plans to start production on reserves estimated at 880 MILLION tonnes.

Rocks "single property cost the following":

30% by paying US $500,000 - PAID
spending US$300,000 on exploration
issuing 1 million shares

a further,

10% completing US$500,000 and
1 million shares

a further

30% by completing staged exploration expenditures
of US$3 million and issuing 3 million shares over a 3 year period

So, this is a very expensive "single" piece of property. Nobody would pay that kind of money unless it was clearly a very "highly perspective" piece of property.

the Chief
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