Even studies Saudi copper project

A copper deposit in Saudi Arabia will be the focus of a prefeasibility study by Even Resources (VSE).

The junior selected the project for detailed review after evaluating various mineral projects in the Arabian Shield under a reconnaissance permit issued by the Ministry of Petroleum and Mineral Resources.

Preliminary discussions with Saudi Arabian government officials indicate the project can be acquired on favorable terms if found economically viable, said Even President James Kermeen.

About US$27 million was spent by the ministry on drilling and underground exploration and development. The deposit is reported to host a proven and probable resource of at least 32 million tonnes grading 2.1% copper and to have potential for additional reserves.

The project is 40 km from a paved highway which connects with a seaport. The country’s economic advantages include low costs for power and labor, as well as a 5-year tax exemption period.

The prefeasibility study is to be completed in September. Once project economics are confirmed, Even will apply for specific documents, defined by the mining code of Saudi Arabia, before advancing to full feasibility. This stage will include diamond drilling, metallurgical testing and plant design. Even intends to continue investigating other projects under its reconnaissance program. The Arabian Shield is considered prospective for copper, gold, alumina, bauxite, lead, zinc, iron ore, silver, barite, granite and marble.