As part of an over-all global strategy to seek and acquire new mining opportunities, the U.S.-based company has set a start-up budget of $1-2 million for its Canadian subsidiary. The firm is currently in the throes of hiring senior geolog ical staff for its Toronto and Vancouver offices. Phelps Dodge will look at a nu mber of opportunities in Canada ranging from exploration projects to larger deve lopments that require senior financing.
This summer the company completed a small exploration program on a copper-nick el prospect in the Ungava area of northern Quebec.
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