NEWS ROUNDUP — Phelps Dodge in property option

Phelps Dodge Corp. of Canada, a unit of Phelps Dodge (NYSE), has optioned the Nine Mile Brook base metal property in New Brunswick from Corner Bay Minerals (TSE) and joint venture partner Roycefield Resources (ASE).

Under the agreement, Phelps Dodge can earn a 100% interest in the Bathurst area property by making cash payments totalling $75,000 over four years to the joint venture partners. Corner Bay and Roycefield retain a 2% net smelter return (NSR) royalty which is subject to a $1-million buyout by Phelps Dodge. An exploration program previously conducted by Corner Bay and Roycefield identified several favorable base metal targets on the property.