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Fjordland Exploration Inc. (CVE:FEX) reported that Xstrata Copper Canada has entered into an option agreement to explore a number of Fjordland’s QUEST JV properties.
Fjordland Exploration Inc. (TSXV:FEX) reported that Xstrata Copper Canada has entered into an option agreement to explore a number of Fjordland’s QUEST JV properties.
The press release is quoted as saying:
The agreement provides Xstrata the right to earn an initial 51% interest in the properties by funding $5 million in exploration expenditures and making firm and optional cash payments totaling $325,000 to the joint venture over four years. Xstrata has the right to earn an additional 14% interest for an aggregate 65% interest in the properties by completing a feasibility study or incurring no less than an additional $25 million in expenditures on the properties.
Fjordland Exploration’s President and CEO, Tom Schroeter, stated:
“We’re very pleased and excited to have another major mining company join us in advancing these high quality porphyry prospects in a largely under explored region. Fjordland now has joint venture programs with Gold Fields, Capstone Mining and Xstrata Copper in one of North America’s leading copper and gold porphyry belts.”
Click here to access the entire press release
