Under a letter of intent with International Lornex, a private British Columbia company, Westaurum Industries (ASE) will acquire interests in several established copper deposits in northern British Columbia. The company has also been granted right of first refusal on Lornex’s interests in the Racing River copper area.
The agreement calls for Westaurum to issue an undetermined amount of shares to Lornex and pay the private company $30,000.
The land package includes the Davis Keays mine, the Magnum Churchill mine, the Fort Reliance mine and the Copper Keays mine. The Magnum Churchill mine was in production at 750 tons per day during the 1970s, but closed when the price of copper dropped below 40 cents.
Altogether, the properties host a proven and probable reserve of 2.47 million tons with grades ranging from 3.18% to 5.5% copper. Possible reserves exceed 20 million tons.
Westaurum proposes to raise $5 million to further explore, develop and mine the properties.
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