June 18, 2009
Codelco announced today that the company and Sociedad Punta del Cobre S.A. entered in an agreement in order to explore the Puntillas-Galenosa property, located 50 km northeast of Tocopilla. This property corresponds to a copper porphyry prospect. Workings undertaken to date, including 25,000 m of drilling, suggests a potential resources close to 500 million of mineral with an average grade of 0.25% copper, with low overburden, a low stripping ratio and favorable rocks for an open pit operation. Pucobre will invest, in 6 years, at least US$ 4 million in exploration and feasibility studies, so long as sequent stages considered in the agreement result in success. Codelco will contribute with the mining concession and certain preliminary studies, meanwhile Pucobre takes on studies and conducts the exploration through arrive into the feasibility of exploitation. In the case of the mining project is feasible, a society will be created where Pucobre will obtain a 60% participation and Codelco 40%.
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