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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (41887)	8/20/2009 6:36:55 PM
From: LoneClone	Read Replies (1) of 193721

Australia's Straits to sell idle Whim copper mine by Reuters News on 20 August 2009, 09:03 AM communities.thomsonreuters.com SYDNEY, Aug 20 (Reuters) - Straits Resources Ltd will sell its idled Whim Creek copper mine in west Australia to explorer Venturex Resources Ltd for up to A$11 million ($9.2 million), the companies said on Thursday. Straits will receive 106 million fully paid Venturex shares at a deemed value of 7.5 cents per share, worth A$8 million, on completion of the transaction, and Venturex shares or cash worth A$3 million if Venturex reopens the mine, according to statements by the two companies. The mine produced 1,455 tonnes of copper during the three months to June 30, down 39 percent from the 2,389 tonnes for the March quarter as it drew down inventory from heap leach pads ahead of the its closure. ($1=A$1.20) (Reporting by James Regan)

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