MOLYBDENUM EXPLORATION: Thompson Creek buys interest in Colorado deposit

COLORADO Toronto-headquartered THOMPSON CREEK METALS has signed an option with U.S. ENERGY that gives Thompson Cr...
COLORADO Toronto-headquartered THOMPSON CREEK METALS has signed an option with U.S. ENERGY that gives Thompson Creek the opportunity to acquire up to 75% of the Lucky Jack molybdenum property in Gunnison County. The Canadian company has the right to earn its share in stages, reaching 75% if it spends a cumulative total of $400 million. The possibility of forming a 50/50 joint venture also exists.

The Lucky Jack property was first explored in the 1970s, when it was called the Mount Emmons deposit. A 1998 mineral resource estimate based on the concept of underground mining with a 5,400-t/d mill put the historical resource at 151 million tonnes grading 0.38% MoS2 (0.228% Mo) at a cutoff grade of 0.2% MoS2. This resource contains 760 million lb of molybdenum.

Learn more about the world's largest, publically traded, pure molybdenum producer at www.ThompsonCreekMetals.com.

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