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McEwen Mining (MUX +6.2%) says it may sell its Los Azules copper project to free up cash for...

McEwen Mining (MUX +6.2%) says it may sell its Los Azules copper project to free up cash for precious metals exploration projects in Argentina, Mexico and the U.S. Los Azules is worth ~$535M, based partly on the deposit’s 15B lbs. of copper resources, but could cost almost five times that to develop, and a junior miner isn't likely to come up with the necessary $2.5B.
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Comments (2)
  • Sufiy
    , contributor
    Comments (422) | Send Message
     
    TNR Gold: McEwen Shops Los Azules Copper Mine to Focus on Gold TNR.v, MUX

     

    McEwen Mining: "As noted in our November 7th news release, drilling began at Los Azules on October 12th. Los Azules is one of the world's largest and highest grade undeveloped copper porphyry deposits. A total of seven drills are operating at the property. The drills are considerably more powerful than the ones used during past field seasons. The Company believes this will increase the likelihood of reaching target depths (+700 meters), where high-grade copper mineralization has been discovered. Initial drill assay results are expected to be released early in 2013. The Company plans to drill approximately 15,000 meters this season."

     

    And now a small twist on the Serve about the champagne label - at least some "commentators about the Deal" totally lost what Kirill Klip is talking about on LinkedIn and Twitter:
    "Kirill Klip TNR Gold Los Azules Copper Back-In Right Is At Feasibility - No Need For Financing Or Any Dilution NOW Before FS will Be Produced by MUX"
    And if you like Reading you can find some really interesting ideas later about the potential of Los Azules and who can develop it into mine later."

     

    http://bit.ly/TliLuB#
    23 Nov 2012, 07:55 PM Reply Like
  • gordonharper@earthlink.net
    , contributor
    Comments (5) | Send Message
     
    I agree wholeheartedly with the idea of selling Los Azules, as long as the Argentine government has an embargo on expatriating profits.
    29 Nov 2012, 02:49 AM Reply Like
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