Eagle Mountain makes a play for Oracle Ridge
PERTH (miningweekly.com) – ASX-listed junior Eagle Mountain Mining is hoping to gain an 80% interest in the Oracle Ridge copper mine, in Tucson, for $6.9-million.
Eagle Mountain on Tuesday told shareholders that it was advancing discussions with the vendor, but was yet to execute a letter of intent, as the vendor was awaiting approval by the Arizona Superior Court.
Under the proposed agreement, Eagle Mountain would pay the vendor an initial $500 000 for the majority stake in the project, while the remaining $6.4-million would be paid on attractive delayed terms, the company said.
Oracle Ridge is estimated to host some 11.7-million tonnes of resource at 1.57% copper and 17.47 g/t silver, with the project located 26 km from mining major BHP’s San Manuel mine.
Some $26-million has been invested in the project area since 2011 on technical studies, permitting, exploration, underground development, and equipment.
“The Oracle Ridge mine presents an amazing opportunity and one that doesn’t come along very often. It is an advanced stage copper and silver opportunity that perfectly complements our early stage but highly prospective Silver Mountain project,” said Eagle Mountain CEO and MD Charles Bass.
“Once we formally complete the acquisition, we will focus on exploration aimed at expanding the resource and some complementary early development studies. Our newly appointed CEO Tim Mason, an underground mining expert, will be the driving force behind advancing Oracle Ridge.”
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