MBI Mining Brokers is acquiring a 60% interest in the Giant Copper property near Hope, B.C., from Bethlehem Resources (TSE).
To do so, it must spend $6.2 million on the property over the next six years.
The drill-indicated resource was last estimated at 22 million tons grading 0.75% copper plus 0.012 oz. gold and 0.35 oz. silver per ton, with a stripping ratio of 4.5-to-1.
The resource includes a small, near-surface pit estimated to contain 6.6 million tons grading 0.64% copper plus 0.009 oz. gold and 0.32 oz. silver, available at a stripping ratio of 1.5-to-1.
Bethlehem will continue to operate the project and will retain a 2% net smelter return royalty, which MBI can buy for $1.5 million. (The company can buy back up to a 20% interest in the property from MBI by making certain expenditures.)
Bethlehem President Brian Kynoch says the companies have not yet decided on the form which this year’s exploration program will take.
Expenditures in the first year of the program are set at $100,000, and Kynoch expects work to be limited to a modest program of property-wide exploration.
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