Corex Gold Corp. (TSXV:CGE) announced that it has granted Vale S.A. the option to acquire up to a 65% interest in their Santana Project by making work expenditures of $16,000,000.
As quoted in the press release:
The objective of this alliance is to further develop the copper-gold porphyry target on the Santana Project, in Sonora State, Mexico.
Corex’s President and CEO, Craig Schneider, said:
We are very pleased to have a Company such as Vale as a strategic partner to further advance the Santana Property to its next phase of development, and unlock the project’s porphyry potential.