Contractual details regarding development of the Cerro Colorado copper project in Panama have been resolved.
After extensive negotiations, PanaCobre (a wholly owned subsidiary of Montreal-listed Tiomin Resources) and the Panamanian government have agreed on all the major terms and conditions. The deal must still be ratified by the Panamanian cabinet, following which the terms will be made public.
Situated in Chiriqui province, Cerro Colorado is the 12th-largest copper deposit known to man, containing more than 25 billion lb. (0.4% cutoff). It also hosts 3 million oz. gold and 226 million oz. silver.
Meanwhile, Tiomin is completing a feasibility study to produce high-quality iron and synthetic rutile (titanium oxide) at its heavy mineral sands project in Natashquan, Que. Tiomin plans to sell what it produces to a Saudi Arabian firm, which will then upgrade and resell the titanium oxide for use in the rapidly growing pigment industry.
A preliminary study projects mining could begin by 1998 and last for 20 years.
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