Carube Copper: OZ Minerals Earns 70 Percent Interest at Bellas Gate

Carube Copper reported that its joint venture partner, OZ Minerals (ASX:OZL) completed phase 4 of its farm-in joint venture at the Bellas Gate project in Jamaica by completing $5.4 million in exploration expenditures.
As quoted in the press release:

The total exploration expenditures to date for all four phases total over $8.3M. OZ Minerals has also paid Carube Copper a total of $475,000 in staged payments. By completing Phase 4, OZ Minerals has earned a 70% interest (Carube Copper maintains 30% interest) in the BGP. It has until the end of January to advise the Company of its intention to increase its interest a further 10% by sole-funding Phase 5, which requires the completion of a feasibility study.

Carube President and CEO, Jeff Ackert, said:

I am very pleased with the rapid progress OZ Minerals has made in completing Phase 4 within 2 years of initiating the Bellas Gate Joint Venture, a full eighteen months ahead of schedule. The JV has had very good success in delineating significant copper mineralization across the entire project area. We look forward to another productive exploration program in 2016.

Click here for the full press release.