LATIN AMERICA — Cobre completes merger with Aurex

Shareholders of Aurex Resources (AXR-T) have approved a merger transaction with privately owned Cobre Mining of Hanover, N.M.

The merged entity will retain the name Cobre Mining and be listed on the Toronto Stock Exchange under the trading symbol CBU-T. The company’s holdings include mineral projects in the southwestern U.S. and in Chile.

Cobre’s primary asset is its wholly owned Continental mine, an open-pit and underground copper producer near Silver City, N.M. In 1996, the mine produced more than 71.5 million lb., which is expected to double to 140 million lb. in the current year.

Aurex’s main asset is a 40% interest in the San Esteban gold-copper mine in north-central Chile. The operation currently produces 24,000 oz. gold and 7 million lb. copper annually. Aurex also holds a sliding-scale net smelter royalty on the Cobrex silver-copper mine, also in northern Chile.

Cobre says the merger will allow it to expand production and reduce costs.

The company also plans to use its operations in New Mexico and Chile as a base from which to increase exploration and acquisition efforts.