BRITISH COLUMBIA - Bell Copper of Vancouver has agreed to sell its 100% interest in the former Granduc copper mine near Stewart to Castle Resources of Toronto. Castle will pay $2 million and issue 2.75 million shares to Bell Copper. The acquisition is subject to approval from the TSX Venture exchange.
The property produced over 420 million lb of copper between 1971 and 1984 while it was owned by Newmont and Esso Minerals. The former owners processed more than 15 million tonnes of ores grading 1.71% Cu. Ore was crushed underground then treated in a mill on surface. Concentrate was trucked 50 km to the deep water port in Stewart.
Castle says that the haulage tunnel remains in good condition. It is also encouraged by exploration that Bell Copper did between 2004 and 2007. The earlier work confirmed mineralization within 4 km north and south of the main orebody. Castle says the property contains a significant historical resource (non-43-101 compliant) and is drilling to twin the old mineralized holes.
A map and information about historical resources are available at www.CastleResources.com.