A recent private placement is expected to provide gross proceeds of $8.7 million for Corner Bay Minerals (BAY-T), a junior company actively exploring for copper and gold in Canada, the southwestern U.S. and northern Mexico.
The company says the financing will allow it to participate on the Cerro Verde copper-gold property once partner Phelps Dodge (PD-N) earns a 60% interest as part of its earn-in requirements.
Corner Bay also intends to pursue other opportunities. The Toronto-based company has exploration offices in Arizona and Mexico.
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