Having kissed and made up after a short-lived dispute over a feasibility study, Adrian Resources (ADL-T), Teck (TEK-T) and Inmet Mining (IMN-T) have signed an agreement for the development of the Petaquilla copper-gold property in Panama.
Adrian had considered Teck’s initial feasibility to be “incomplete.” The issue was resolved, however, when Teck agreed to carry out additional exploration and feasibility work and complete a bankable feasibility study for the project by Jan. 21, 1998.
In an attempt to find additional starter pits at Valle Grande, as well as evaluate the Rio Medio deposit, Teck will drill at least 37 more holes over a total of least 5,500 metres. Large-diameter core drilling also will be carried out.
Teck has agreed to buy 500,000 shares at $3.45 by early March, along with 1 million shares by April 22.
Petaquilla consists of 10 deposits which together are estimated to host geological resources of 1.5 billion tonnes grading 0.49% copper and 0.015% molybdenite, plus 0.11 gram gold per tonne.
In return for completing the study and funding Adrian’s share of production costs, Teck can acquire half of Adrian’s 52% interest in the project. The remainder is held by Inmet.
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