Exploration and development are to begin shortly on the Tuina copper property in northern Chile.
Joint owners International Mahogany (TSE) and North Lily Mining (NASDAQ) hope to expand reserves at the open-pit, heap-leach project, which were last estimated at 5.6 million tons grading 1.3% copper.
The joint venture is also trying to raise US$7 million to construct a solvent extraction-electrowinning plant prior to re-opening the mine. It is estimated the production cost could be reduced to US56cents per lb. as a result of the proposed plant. Currently, copper precipitate must be sent off-site for plating.
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