Printer Friendly

LAC MINERALS TEAMS WITH CYPRUS MINERALS TO MAKE A JOINT BID FOR 51 PERCENT OF THE EL ABRA PROJECT, CHILE

 TORONTO, Sept. 21 /PRNewswire/ -- Lac Minerals Ltd. (NYSE: LAC) (Lac) of Toronto announced that it filed a joint bid with Cyprus Minerals Company (NYSE: CYM) (Cyprus) of Denver to acquire 51 percent of the El Abra project from Corporacion Nacional Del Cobre de Chile (Codelco).
 El Abra will be the first significant Codelco joint venture resulting from Chile's new mining law that permits private sector partners in developing some of Codelco's holdings.
 If successful with the bid, Lac and Cyprus will form a new organization, with key personnel from both companies, to manage and operate the joint venture with Codelco. Cyprus will provide day-to-day management for the new organization and management services during construction.
 The El Abra deposit is a major copper porphyry, located in the second Region of Chile, 1,000 miles north of Santiago and 25 miles north of Codelco's Chuquicamata copper mine. A significant portion of the El Abra deposit is oxide ore, which is amenable to heap leaching, solvent extraction and electrowinning. Previous studies by Codelco indicated that the estimated cost of copper production from El Abra would rank it as one of the world's lowest copper producers.
 -0- 9/21/93
 /CONTACT: John W. Pearson, manager-Investor Relations of Lac Minerals Ltd., 416-777-2379/
 (LAC)


CO: Lac Minerals Ltd.; Cyprus Minerals Company; Corporacion Nacional
 Del Cobre de Chile ST: Ontario IN: SU:


RA-TG -- AT006 -- 4197 09/21/93 13:16 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 21, 1993
Words:234
Previous Article:COCA-COLA AND PARLE JOIN HANDS IN INDIA
Next Article:STEVENS AVIATION AND TURBO WEST TO MERGE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters