Cyprus Canada, the Canadian unit of Cyprus Amax (NYSE), will carry out geophysical work and diamond drilling on properties held by Roxmark Mines (TSE) near Geraldton, Ont.
Cyprus is earning a 60% interest in the 32-sq.-km land package by spending $2 million on exploration over four years, including $500,000 over the next 12 months.
It can boost its interest to 80% by financing the project to production.
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