LATIN AMERICA ROUNDUP — Cambior takes on Mexican project

A recently signed definitive agreement gives Cambior (TSE) the right to earn a 50% interest in the Suaqui Verde copper project in northern Mexico owned by Azco Mining (TSE).

The property hosts a large copper porphyry system with widespread copper-oxide mineralization identified over several square kilometres. Cambior can earn the interest by funding the project through to a bankable feasibility by Sept. 30, 1995. The company can terminate the joint venture on 30 days’ notice, subject to completing minimum annual expenditures of US$500,000 in the first year of the agreement and US$500,000 in the second year.

The agreement further stipulates that Cambior must spend at least US$800,000 in the first year and US$1.2 million in the second year to keep the agreement in good standing.