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Gold/Mining/Energy : Noranda (TSE;NOR) -- Ignore unavailable to you. Want to Upgrade?

To: Gold Panner who wrote (192)	12/13/2000 3:55:11 PM
From: gg cox	Read Replies (1) \| Respond to of 197

NORANDA INC - Decides to Exercise Option on Australian Mining Property [188] Canadian Market News from Market News Publishing, Wednesday, December 13, 2000 at 10:06 Noranda Inc. announced that it has decided to exercise its option pursuant to an agreement with Buka Minerals Limited and others ("Buka"), of Australia, to acquire a 75% undivided interest in the Lady Loretta zinc project for A$21 million (C$17 million). The Lady Loretta project is located approximately 140 km northwest of Mount Isa in Northwest Queensland, Australia. Noranda entered into the agreement with Buka in 1998 when it negotiated a two-year option to evaluate the project. At that time, Noranda undertook a detailed review of the existing drill hole database and completed an additional 106 diamond-drill holes totalling 34,943 metres. As a result, Noranda's drilling program yielded an increase in the estimated mineral resource from a historically-reported 8.3 million tonnes grading 18.4% Zinc, 8.3% Lead and 125 grams per tonne silver to 13.6 million tonnes grading 17.1% zinc and 5.9% lead and 97 grams per tonne silver. The updated mineral resource estimate complies with the standards of the 1999 edition of the Australian Code for Reporting of Mineral Resources and Ore Resources (JORC). Based upon these results, Noranda commissioned new metallurgical testing that demonstrated significant improvements to the metallurgical recoveries and concentrate grades. Typical historical zinc recoveries have improved from an average of 74% to an average of approximately 84%. "The results to date of the work completed on the Lady Loretta project are very encouraging and clearly warrant us exercising our option to acquire a 75% stake," said Michael Knuckey, Executive Vice-President, Exploration and Project Development at Noranda. "The expertise of our technical team enabled us to significantly increase the size of the resource and to overcome the metallurgical challenges associated with this complex ore body. The Lady Loretta project could provide Noranda with an attractive growth opportunity in the Asia-Pacific Region." Buka Minerals Limited is an Australian base metals company owning the Lady Loretta zinc-silver-lead deposit and the Lady Annie copper deposit. Noranda Inc. is a leading international mining and metals company with more than 48 mining and metallurgical operations and projects under development in eight countries. Noranda is one of the world's largest producers of zinc and nickel and is a significant producer of copper, primary and fabricated aluminum, lead, silver, gold, sulfuric acid and cobalt. Noranda is also a major recycler of secondary copper, nickel and precious metals. Noranda employs over 17,000 people. It is listed on The Toronto Stock Exchange (NOR) in Canada. TEL: (416) 982-7161 Dale Coffin, Manager Public Affairs & External Communications Noranda Inc. EMAIL: coffind@noranda.com INET : www.noranda.com (c) Market News Publishing Inc. Tel:(604) 689-1101 All rights reserved. Fax:(604) 689-1106 MarketbyFax(tm) - To get the NEWS as it happens, call (604) 689-3041. Companies or Securities discussed in this article: