Galleon options Chilean project

An option agreement with a private company will allow Pacific Galleon Mining (VSE) to acquire the Raq-Apolo project in Chile.

Galleon made the deal, under which it is committed to expenditures until the end of 1996, with Exploraciones Rio Bravo of Santiago. Galleon also agreed to issue shares to Rio Bravo.

The Raq segment of the project involves the treatment of 5.8 million tons of slags, tailings and dumps from previous mining operations. The material is reported to contain copper, gold, silver, cobalt and magnetite. The Apolo segment involves exploration of land adjacent to the Raq surface deposits. Galleon says historical production there was from high-grade, vein-type operations. (The copper-gold Candelaria project of Phelps Dodge lies 24 miles to the northeast.)