Spokane-based Antilles Resources (VSE) intends to acquire the White Mesa oxide copper deposit in northern Arizona through the amalgamation of a private British Columbia company, American Coppermine Resources.
Antilles’ shareholders will receive one new share of the amalgamated company in return for three common shares of Antilles, while one share of American Coppermine is worth 1.1 new shares of the amalgamated company. The amalgamation, which has yet to be approved by shareholders and regulators, will operate under the new name of Amalco.
The White Mesa property comprises 10,000 acres of Navajo Reservation lands and 188 acres of patented claims. Minable reserves are calculated at 21 million tons grading 0.36% copper. Column-leach tests indicate a 99% leachable recovery. Development plans call for an open-pit, heap-leach operation capable of producing 12,000 tons per day. Copper would be recovered using solvent extraction-electrowinning. The capital cost of such an operation is estimated at US$24 million.
Antilles plans to undertake a US$1.5-million feasibility study in the near future.
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