Cascadero Copper Enters Exploration Agreement With Lumina Copper ; Shares Up 23%, TSXV Most Active


Salta Exploraciones S.A., Cascadero's (CCD.V) 50% owned Argentine subsidiary and Lumina Copper's 100% owned Argentine subsidiary, Corrientes Argentine S.A., have agreed to enter a Memorandum of Understanding ( MOU ) to conduct a 50/50 Joint Venture (JV) exploration program on the Francisco I and Francisco II properties in north western Argentina.

Funding is pro-rata between Corriente and Salta, which each hold a 50% interest Francisco I and Francisco II. Corrientes was appointed as program operator.

The objective of the MOU is to complete the required investment plan for both properties as dictated by article 217/218 of the Argentine mining code, which requires expenditures of AP$ 3,120,000 on Francisco I by November 17th 2012 and AP$ 2,740,000 on Francisco II by May 3rd 2013. The total expenditure is approximately US$ 1,300,000 of which Cascadero Copper is required to provide US$ 325,000.

The first part of the exploration program was recently completed and consisted of a limited-scale geochemical program using Mobile Metal Ion technology (MMI) on Francisco I and II, and property scale gravity and magnetic geophysical surveys. Francisco I consists of 1,313 hectares and Francisco II, which adjoins Francisco I to the south, is 1,000 hectares.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: MOU

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