Far West Announces Agreement With BHP Billiton to Explore for Iron Oxide Hosted Copper-Gold, IOCG, Deposits in Northern Chile.Business Editors VANCOUVER, British Coulmbia--(BUSINESS WIRE)--Sept. 5, 2002 Far West Mining Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:FWM FWM Four-Wave Mixing FWM Fabric Workshop and Museum (Philadelphia, Pennsylvania) FWM Free Wheelchair Mission FWM Fine With Me FWM Fachverband Werbung Und Marktkommunikation ) is pleased to announce that under its Strategic Alliance with BHP Billiton BHP Billiton is the world's largest mining company.[1] Its origin is in the 2001 merger of Australia's Broken Hill Proprietary Company (BHP) and the UK's Billiton, which has a South African background. The result is a dual-listed company. it has entered into an agreement with BHP Chile Inc., to explore for Iron Oxide The material used to coat the surfaces of magnetic tapes and lower-capacity disks. Hosted Copper-Gold (IOCG IOCG Iron Oxide Copper Gold IOCG International Organization for Crystal Growth ) deposits in the Candelaria Copper Belt of northern Chile. The north/south trending Candelaria Copper Belt, which is rated one of the most prospective IOCG provinces in the world, lies some 50 kilometres to the east of the coast and is centered approximately midway between the cities of Antofagasta and La Serena La Serena (lä sārā`nä), city (1990 est. pop. 105,600), capital of Coquimbo region, N central Chile, on the Elqui River. A commercial and agricultural center in a region of orchards and vineyards, it is a popular resort. . The Belt, which is bounded on the west by the Atacama fault zone and on the east by a series of sub parallel faults hosts numerous copper deposits, including Candelaria and Manto Verde. The exploration staff of BHP Billiton and BHP Chile, who generated the project, have designed a program to locate hematite-dominant IOCG deposits in geological settings, in the Candelaria Belt, that bear similarities to those hosting Australia's world class Olympic Dam deposit and the recent Prominent Hill discovery. BHP Billiton's proprietary (FALCON(TM)) gravity gradiometer technology has been utilized to conduct an airborne survey over four prospective areas along 120 kilometres of the northern half of the Candelaria Belt. The cost of the airborne survey is to be shared by both parties. The areas surveyed were selected on the bases of known IOCG mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. and alteration that occur within magnetically active domains, the presence of favourable structural settings and the availability of open ground. BHP Chile conducted an extensive land acquisition program in advance of the airborne survey. The processing of the airborne data is nearing completion and the preliminary report is to be delivered by Falcon to Far West and BHP Chile in Santiago, Chile during the week of September 9. The data for each of the four prospective areas flown is to be reviewed and "Target Areas" for follow-up drilling are to be selected by Far West and BHP Chile at that time. It should be noted that a Target Area, as defined by the agreement, might host several drill targets. Under the terms of the Agreement, Far West can earn a 70% participating interest in a Target Area by carrying out up to 2,000m of drill testing. BHP Chile does have the right, however, (via back-in or earn-in) to acquire, in stages, up to a 70% participating interest in any mineral deposit discovered within a Target Area by solely funding ongoing exploration, making various cash payments to Far West and carrying Far West through to completion of a final feasibility study. FAR WEST MINING LTD. Robert E. Hindson, P.Eng., President and C.E.O. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. |
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