Western International Explorations (CDN) has optioned the Stray Elephant copper property in the Oro Fino mining district of Arizona, near the California border.
Under the agreement, the company has an option to lease the property by making an initial payment of US$20,000 on or before April 30 and thereafter semi-annual payments of US$12,000. All payments would be credited against a production royalty of 4%. The company has also secured an option to acquire 100% of the property for US$2 million prior to April 30, 1996, and a US$4-million payment thereafter, with all previous payments credited against the purchase price.
The 78-claim property hosts a near-surface copper-oxide deposit amenable to low-cost bulk mining and heap-leach solvent extraction.
A sampling and metallurgical testing program will be conducted immediately to further evaluate the economic viability of the deposit.
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