Aurora signs deal with Phelps Dodge

Calgary-based Aurora Gold (ASE) has farmed out its 31% interest in a base metal property near Joutel, Que., to Phelps Dodge Corp. of Canada, a unit of North America’s largest copper producer Phelps Dodge (NYSE). Phelps Dodge may earn a 75% working interest from Aurora by making cash payments totalling $150,000 and spending $2.5 million on exploration over the next six years. Phelps Dodge has commenced preliminary exploration work on the 18-claim property which lies along strike from the Mines de Poirier property, a former copper producer. The claims host several sulphide showings and anomalous gold showings in the 0.03-oz.-gold-per-ton range.

The property was previously subject to a joint venture agreement with Bighorn Development (VSE), Catear Resources (VSE) and Wydmar Resource Enterprises.