LATIN AMERICA — Teck buys Adrian shares

Adrian Resources (ADL-T) has raised $1.7 million by selling 500,000 of its shares to senior partner Teck (TEK-T).

The major has until Jan. 21, 1998, to complete a bankable feasibility study for Adrian’s Petaquilla copper-gold project in eastern Panama. In return for funding the study and Adrian’s share of production costs, Teck can acquire half of Adrian’s 52% interest in the project. The remainder is held by Inmet Mining (IMN-T).

The study will include the results of this year’s drill program, which recently got under way. The program is attempting to define high-grade starter pits in several areas.

Petaquilla consists of 10 deposits which host a total geological resource of about 1.5 billion tonnes grading 0.49% copper and 0.015% molybdenite, plus 0.11 gram gold per tonne.

Panama’s president, Ernesto Perez Balladares, recently signed a contract law for development of the property.