General Minerals drops Escalones (August 20, 2001)

Vancouver — Denver-based General Minerals (GNM-T) has decided to drop the promising Escalones copper skarn project in Chile, where a large lease payment was due this month.

The company failed to find a partner to help it develop the project, situated south of Santiago; nor did it succeed in negotiating terms with the local landowner.

As a result of its decision, General Minerals will take a $5.5-million non-cash writeoff during the third quarter.