After carrying out a drill program which confirmed grade but not tonnage, Princeton Mining (TSE) announced it will not proceed with plans to acquire the Luz del Cobre copper deposit in Mexico. The project is owned by a Mexican company, in which Chutine Resources (VSE) and Mexican interests have a 49% and 51% stake respectively.
Princeton will not proceed with the amalgamation of its subsidiary with Chutine. The Mexican owners were also advised that Princeton would not be closing the agreement to purchase their interest in the project.
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