VANCOUVER — It’s been over a decade since Teck Resources (TSX: TCK.B; NYSE: TCK) first optioned the Lorraine copper and gold project in north-central B.C. from Lorraine Copper (TSXV: LCC), but now the mining company is set to relinquish its 51% interest in the property to its partner, provided certain conditions are met.
“It’s hard on us to be a listed junior with a project where nothing is happening, so Teck has put together their concept on how we can move the project forward and it involved them converting their direct interest into shares,” William Morton, president and CEO of Lorraine Copper, tells The Northern Miner at the company’s headquarters in Vancouver.
“The kicker is, we have to raise $2 million by end of February to close the deal, and even though the market is tough, we know there are still lumps of money out there that need to be invested, so we’re optimistic,” he adds.
Read the complete article at NorthernMiner.com/news/teck-deal-with-lorraine-copper