Int’l Taurus regains namesake property

Cyprus Canada, a wholly owned subsidiary of Cyprus Amax Minerals (CYM-N), is selling its right to earn up to a 70% interest in the Taurus property back to International Taurus Resources (ITU-V).

The Vancouver-based junior will issue to Cyprus 1 million shares, at a deemed value of $1.50 per share, in return for reacquiring a 100% interest in the low-grade, bulk-tonnage prospect.

Under the original agreement, Cyprus held the right to earn an half interest in the property from International Taurus by spending $4 million on exploration over three years. A further 20% interest could be earned by funding the project to production.

D.M. Rounds, a director of communications at Cyprus Amax, said the size of the deposit, situated near Cassiar in north-central British Columbia, failed to meet the company’s requirements.

In 1995, Cyprus spent $3 million drilling 78 holes on adjoining ground held separately by Taurus and Cusac Gold Mines (CQC-T).

Under a separate agreement, Cyprus holds the right to earn an initial half interest in Cusac’s claims by spending $2 million over three years.

Cyprus recently completed mapping and trenching in the proposed starter pit area of the 88 Hill zone, where the company believes exists the potential for 9-10 million tonnes of a higher-grade resource of 1.45-1.91 grams gold per tonne.

Taurus said it was reacquiring a full interest in the property in a bid to accelerate exploration and development there. To that end, the company will immediately begin infill drilling the 88 Hill zone area, at 25-metre centres.

The company’s own resource estimate for the potential starter pit area stands at 45.4 million tonnes grading 1.05 grams, within a total resource calculated at 118 million tonnes grading 1 gram.

Taurus has $1.1 million in working capital and 39.5 million shares outstanding (or 46 million fully diluted). Hera Resources (HRR-V) holds a 21.6% interest in the company.