Canyon Resources and Phelps Dodge in $3.9 million exploration joint venture in Argentina.GOLDEN, Colo.--(BUSINESS WIRE)--Feb. 14, 1996--Canyon Resources Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CYNR), a Colorado-based mining company, today announced that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , CR International Corp., has entered into a joint venture agreement with Phelps Dodge Exploration de Argentina S.A., a wholly owned subsidiary of Phelps Dodge Exploration Corp., to finance mineral exploration on five Canyon exploration properties in southern Argentina. By funding $3.9 million in exploration expenditures on the properties, Phelps Dodge would earn a 50% joint venture interest. Phelps Dodge will be the manager of the joint venture and has the optional right to increase its ownership to 65% of any particular property by financing a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. suitable for submission for bank financing of that property. The joint venture properties include 724 square kilometers in the Arroyo Cascada property in Chubut Province and 120 square kilometers in four properties in Santa Cruz Province Santa Cruz Province may refer to
Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. system with potential for both gold and copper. The Santa Cruz properties contain gold-bearing quartz veins and stockworks in volcanic rocks, similar geologically to the nearby 3 million-ounce Cerro Vanguardia gold deposit. "Based on our excellent working relationship with Phelps Dodge in the Seven-Up Pete Joint Venture and development of the McDonald project, Canyon is pleased to have Phelps Dodge join us in exploration for sizeable gold or gold-copper deposits on our properties in southern Argentina. Our objectives are to discover and develop deposits similar in size and significance to the Cerro Vanguardia gold deposit or the Baja Alumbrera copper/gold deposit that have emerged in Argentina as a result of recent exploration activities," said Richard H. De Voto, president. With this joint venture, Canyon has, during the past 12 months, entered into joint venture agreements with five major international mining companies (BHP, Homestake, Kennecott, JCI JCI Journal of Clinical Investigation JCI Johnson Controls, Inc. JCI Junior Chamber International JCI Joint Commission International JCI Japan Concrete Institute JCI Journal of Communication Inquiry JCI Johannesburg Consolidated Investment Company Limited , and Phelps Dodge) to finance up to $16.9 million in exploration expenditures on certain Canyon properties in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century , Ethiopia, and Argentina. Canyon produces gold and silver from the Kendall Mine in Montana and industrial minerals (diatomite) from a mine/plant complex in Nevada. The company is currently constructing the Briggs Mine in southeastern California, with first gold production anticipated in the second half of 1996, and is in the permitting and development stage at the 8.2 million-ounce McDonald gold deposit in Montana, which it owns jointly with Phelps Dodge. CONTACT: Canyon Resources Corp., Golden Cheryl A. Martin, 303/278-8464 |
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