China Yunnan Copper Australia Limited (CYU) announced today it has signed a binding joint venture agreement with ActivEX Limited (AIV) to explore ActivEX’s Pentland Project for large tonnage, intrusive style gold mineralisation. The joint venture will lead to early drilling of the Mt Remarkable and Norwood prospects in the first quarter of 2010.
Under the terms of the joint venture, first announced on 25 November 2009, China Yunnan Copper Australia will farm in to the Pentland Project area and can earn up to a 70% interest in the project area by spending $3 million in the next 5 years in a two stage earn-in. In the first stage, China Yunnan can earn up to 51% of the project by spending $1.25 million within three years including carrying out a drilling program at Mt Remarkable and Norwood prospects which must commence in the first quarter of 2010. If CYU elects to continue it can earn an additional 19% by spending a further $1.75 million within five years from commencement. CYU’s minimum commitment to the project is the first year’s expenditure commitments on the tenements including the drilling program. In addition, if CYU elects to continue earning after the first year it will grant ActivEX one million unlisted options to acquire shares in CYU, exercisable at $0.40 before 20 December 2012. The joint venture commenced on 1 January 2010 and drilling contracts for drilling of targets at Mt Remarkable and Norwood have been awarded.
China Yunnan Copper Australia Limited (CYU) is an Australian company listed in 2007 to explore for and develop minerals in Australia and overseas. China Yunnan Copper Australia Limited has a strong relationship with its cornerstone investor, Yunnan Copper Industry (Group) Co Ltd (YCI). YCI in turn is held 49% by Chinalco. Initially, the company is focused on exploring its tenements in Queensland for copper, gold and uranium but is actively evaluating other acquisition and joint venture opportunities to grow its business rapidly. ActivEX Limited (AIV) is a mineral explorer based in Brisbane with substantial exploration tenement packages in Queensland and an advanced Potash project in
Western Australia. In Queensland the Company has a significant ground holding in the Cloncurry district searching for Iron Oxide Copper Gold deposits and in eastern Queensland where epithermal gold/porphyry copper-gold-molybdenum style deposits are targeted. The Company has an existing joint venture at Booubyjan with Minotaur Exploration in which Mitsubishi Corporation and Mitsubishi Materials Corporation have an option to earn equity by funding significant drilling programs.
www.cycal.com.au
