MANITOBA - Winnipeg-based HUDBAY MINERALS has optioned four more base metal properties in the Snow Lake area. ROCKCLIFF RESOURCES has been granted options on the Rail, Reed, Kof and Sylvia copper-zinc deposits and other prospects in a 15,800-ha area. In September 2006, HudBay optioned the Fon, Wim, Hudvan and Tyr properties to MURGOR RESOURCES.
In order for Rockcliff to acquire 100% interest in these properties, it must pay HudBay a total of $2.06 million and incur exploration expenditures of $9.8 million over a four-year period. HudBay will retain a 2% NSR and the right to buy back 55% of each property by paying Rockcliff 200% of its costs, or to increase its share to 65% by bringing a given property to production.
HudBay has budgeted $45.2 million for its own exploration activities in 2007. It is investigating the Bur, Watts River and Talbot Lake deposits, all of which lie within a 100-km radius of the Snow Lake mill. Several structural targets in both the Snow Lake and Flin Flon areas are also being drilled. Plus, the company continues to explore at its Jason and Tom Valley lead-zinc deposits in the Yukon and near its Balmat zinc mine in New York.
Read more at www.HudBayMinerals.com.