Strait amends Alicia option, completes drill program
28 Novembre 2013 - 10:03PM
Access Wire
Strait Minerals Inc.
("Strait" or the "Company") (TSXV: SRD) is pleased to report that
its Peruvian subsidiary and Teck Peru S. A. ("Teck Peru"), a wholly
owned subsidiary of Teck Resources Limited ("Teck"), have amended
the terms of their Option/Joint Venture Agreement (the "Agreement")
regarding the Alicia copper-gold property in Peru.
Certain dates
relating to performance by Teck were extended by one year to
reflect the delay in commencement of drilling operations at Alicia
occasioned by regulatory and permitting issues. Teck Peru can now
earn an initial 45% interest in the Alicia property by December 31,
2014, by spending $4 million on exploration.
Since entering into
the Agreement in late 2011, Teck Peru has spent approximately $2
million on exploration at Alicia including a recently completed
3,500-metre, nine-hole drill program (news release of October 15,
2013). A tenth hole is in progress. Complete assay results from the
2013 drilling program are expected in early 2014.
Teck Peru can now
earn up to a 75% interest in the Alicia property in stages by
December 31, 2019, by, among other things, (a) completing aggregate
exploration expenditures of $30 million or (b) completing aggregate
exploration expenditures of $10 million and delivering a
pre-feasibility study.
Alicia lies within
the 150-km-long Andahuaylas-Yauri copper belt where several large
copper projects are at the development stage. Most notable of these
are Glencore-Xstrata's Las Bambas project approximately 40 km west
of Alicia and HudBay Mining's Constancia project approximately 60
km east of Alicia.
All of the Company's exploration
programs are prepared by, or prepared under the supervision of, Dr.
Roger Moss, P.Geo., who serves as the Qualified Person as defined
by NI 43-101 and is a director of the Company. Dr. Moss has
reviewed and approved the technical content of this news
release.
About Strait
Minerals Inc.
Strait Minerals Inc.
is a Canadian mineral exploration company active solely in Peru
since 2003 and listed on the TSX Venture Exchange. It holds a 100%
interest in the Alicia copper-gold property which lies within the
Andahuaylas-Yauri copper belt approximately 500 km southeast of
Lima. Strait has granted Teck Peru S.A., a wholly owned subsidiary
of Teck Resources Limited, an option to earn up to a 75% interest
in the property by, among other things, spending $30 million on
exploration or by spending $10 million on exploration and
delivering a pre-feasibility study. The Company also holds an
option to earn a 100% interest in the Caribe copper-molybdenum
property approximately 80 km west of Alicia and holds a 100%
interest in both the Letra Rumi South base metals property and the
Culebrilla precious metals property approximately 250 km north of
Lima. The Company continuously reviews exploration opportunities in
Peru and is actively seeking additional projects.
Please visit our web site at www.straitminerals.com.
For further information:
--------------------------------
|Jim Borland, President | |
|jborland@straitminerals.com | |
|Tel.: 416-272-7387 | |
--------------------------------
Forward Looking Statement: Some of the statements contained herein may be forward-looking
statements which involve known and unknown risks and uncertainties.
Without limitation, statements regarding potential mineralization
and resources, exploration results, and future plans and objectives
of the Company are forward looking statements that involve various
risks. The following are important factors that could cause the
Company's actual results to differ materially from those expressed
or implied by such forward looking statements: changes in the world
wide price of mineral commodities, general market conditions, risks
inherent in mineral exploration, risks associated with development,
construction and mining operations, the uncertainty of future
profitability and the uncertainty of access to additional capital.
There can be no assurance that forward-looking statements will
prove to be accurate as actual results and future events may differ
materially from those anticipated in such statements. Strait
undertakes no obligation to update such forward-looking statements
if circumstances or management's estimates or opinions should
change, except as required by law. The reader is cautioned not to
place undue reliance on such forward-looking statements.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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