A proposed merger with Chutine Resources (VSE) in concert with an agreement with Mexican interests is expected to give Princeton Mining (TSE) a 100% interest in a private Mexican company.
The private company, which holds copper, gold and silver properties in the State of Sonora, Mexico, is currently owned 49% by Chutine and 51% by the Mexican group.
Princeton is completing a drilling program on the property to confirm minable reserves reported by Chutine.
Preliminary estimates by Chutine put open-pit reserves at about 10.2 million tons grading 0.88% copper at a strip ratio of about 0.98-to-1. Preliminary metallurgical testing indicates acid soluble copper recoverable by leaching averages about 81.2%.
On confirmation of Chutine’s reserve estimates, a wholly owned subsidiary of Princeton will amalgamate with Chutine, issuing one share of Princeton for each 18.5 shares of Chutine.
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