PERU - Vancouver-based QUADRA MINING has dropped out of the Magistral copper-molybdenum project in northwestern Peru. The company informed its partners INCA PACIFIC RESOURCES and MINERA ANCASH COBRE of its decision on Oct. 27, saying the project does not meet its investment criteria. Quadra concluded its management responsibilities and financial commitments effective Oct. 31, 2005.
According to the Inca Pacific website (www.IncaPacific.com), the Magistral deposit contains 76.0 million tonnes of measured and indicated resources (at a copper cut-off of 0.5%) averaging 0.76% Cu and 0.0555% Mo. There are also 39.4 million tonnes of inferred resources at slightly lower grades. Further details are posted online.
On Oct. 2, Quadra signed a letter of intent with CAMBIOR to purchase Cambior's Carlota copper project for US$37.5 million. Carlota could be brought into production in 2007 using SX/EW technology. The property is located in Arizona and contains reserves of 91.1 million tonnes grading 0.39% Cu.
Visit also www.QuadraMining.com.
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