Empire now a mining company, eyes Turkish copper

Vancouver-based capital pool company Empire Mining (EPC-V) has completed the qualifying transaction it first announced in mid-September, with Global Securities acting as sponsor.

Empire has cut a deal with Anatolia Minerals Development (ANO-T, ALIAF-O) to earn a 65% interest in the latter’s Bursa copper-molybdenum-gold porphyry property in western Turkey.

With this qualifying transaction completed, Empire’s shares have started trading at the Tier II level on the TSX Venture Exchange, using the updated ticker EPC.

Empire can earn its 65% interest in Bursa from Anatolia by completing four steps: paying US$520,000 in cash over five years; paying over five years shares totalling 5% of Empire’s fully diluted share capital as of 2012; spending US$7.5 million on exploration within five years; and completing a prefeasibility study within six years.

Situated 120 km south of Istanbul, the Bursa property covers 429 sq. km within a belt of copper and molybdenum porphyry systems in Bursa and Kutahya provinces.

Empire notes that drilling by Rio Tinto (RTP-N, RIO-L) years ago on one of these systems, Karapinar, intersected 0.36% copper, 51 parts per million (ppm) molybdenum and 0.1 gram gold per tonne over 221 metres from surface and a deeper 54-metre section of 0.31% copper, 152 ppm molybdenum and 0.07 gram gold at 273 metres depth in the same hole.

Empire plans to start out with geochemical and geophysical surveying, and geological mapping in order to firm up drill targets, especially at Karapinar.

Empire has $1.4 million in working capital, which it says is enough to complete its qualifying transaction and fund its first year of exploration at Bursa.

Empire’s board is composed of chairman, president and CEO Kenneth Judge, and directors John Prochnau and Robert Giustra. Sean McGrath and Jacqueline Collins are the chief financial officer and corporate secretary, respectively.

Anatolia, meanwhile, remains focused on developing its 100%-owned Copler gold project in Turkey.