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.