Ron, Thanks for that info. This report was just released yesterday. It doesn't give a lot of info, but in case you haven't seen it, here you go.
February 13, 1997
Cerro Verde Property Size Enhanced
Peter Mordaunt, President of Corner Bay Minerals Inc. ("Corner Bay") is pleased to announce that as a result of favourable exploration results released in late 1996 and additional regional exploration
at the Cerro Verde Property located in northwestern Mexico this past fall, three separate deals have been consummated on several concessions that are adjacent to Cerro Verde and are known to host
copper and gold mineralization. Phelps Dodge Corporation, as part of their option to earn a 60% interest in the Cerro Verde Property, negotiated the deals on behalf of the joint venture. All three deals fall within the Area of Interest contemplated in the original agreement between the two parties.
These concessions are contiguous and represent a strategic land package of approximately 4 square kilometers. Based on geological mapping, geophysics and geochemical sampling for copper and gold, the concessions are believed to cover the extension and continuation of the Cerro Verde copper zone to the northeast. Although the extent and grade of copper and gold mineralization is not yet determinable at this early stage, copper minerals can be observed intermittently disseminated on surface over a strike length of 3,500 meters (3.5 km) with widths varying between 300 meters and 1000 meters. An exploration program that will include additional diamond drilling is now being
planned to evaluate this large copper gold target. Phelps Dodge Corporation will continue to incur the expenses related to this next phase of exploration as part of their earn-in requirements. They must spend US $1,300,000 and make cash payments totaling US $270,000 to earn their 60% interest. These amounts are now applicable to the whole land package.
For additional information, contact: Peter Mordaunt, President Tel/Fax (520) 297-5516 or Steve Brunelle, Vice President Tel
(416) 363-1124 Fax (416) 360-0728 |
