Cominco Resources International (TSE) has received US$2.5 million as partial payment for transferring its Mariquita copper deposit to Minera Maria, a Mexican company held 49% by Cominco and 51% by Empresas Frisco.
The copper project is near Cananea in Sonora state, about 5 km from the Maria copper mine and mill operated by Minera Maria. Power, transportation and other facilities are nearby.
Cominco will receive a second payment of US$2.5 million after one year. Frisco will arrange project loans and provide financing guarantees for up to US$30 million. This amount is expected to be sufficient for the cost of constructing an open-pit, heap-leach, solvent extraction-electrowinning operation.
Mariquita contains 43 million tonnes grading 0.46% copper, 33 million tonnes of which are classified as “indicated ore.” The stripping ratio is fewer than two tonnes of waste per tonne of ore, and metallurgical tests indicate an 85% recovery.
Feasibility work and engineering are progressing and environmental permit applications will be made shortly. Once in production, the operation would produce 15,000 tonnes of highly pure copper cathode per year.
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