ARIZONA – Montreal-based CAMBIOR is selling its Carlota project in the Globe-Miami camp to Vancouver’s QUADRA MINING. Quadra has agreed to a price of US$37.5 million (payable in cash and gold) to buy Cambior USA, which owns the property.
Quadra says the project is ready for development as a solvent extraction/electrowinning operation that could be producing copper as early as 2007. The necessary primary permits have been issued, but two of them are subject to final appeals court litigation. Protracted legal action could delay final payment to Cambior if Quadra cannot start construction by the first quarter of 2007.
Quadra currently operates the Robinson mine in Nevada. That property is expected to produce 120 million to 127 million lb of copper in concentrate and 74,000 oz of gold this year. The company looks at the Carlota acquisition as a means to provide near-term growth and lower production costs.
The technical report covering the Carlota project will soon be posted at www.QuadraMining.com. In the meantime, more information about the project is available at www.Cambior.com.