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WESTMINSTER CLOSING IN ON PERU SITE ACQUISITIONS
Bo RamoneDecember 11, 2017
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(WMR.V) Dec. 11, 2017 – Westminster Resources Ltd. has updated its proposed transaction to acquire iron-oxide-copper-gold (IOCG) and porphyry copper projects in southern Peru. Conditional approval was granted by the TSX Venture Exchange on Dec. 7.
A technical report on the projects has been submitted to the Exchange for its review. Legal due diligence is nearing completion, and Jason Cubitt, director of Westminster Resources, is in Peru finalizing plans for the transition.
“Westminster is excited to be moving ahead with this acquisition,” said Westminster Resources president Glen Indra. “Copper prices have continued to trend upwards, and the Ilo Norte and Ilo Este Projects have exceptional potential.”
As released on Sept. 9, Westminster is acquiring a 100-percent interest in three groups of concessions totaling 36,225 hectares in southern Peru, covering both IOCG and porphyry copper styles of mineralization. Ilo Norte is 29 kilometres north of the port city of Ilo and is reported to host IOCG and skarn replacement style mineralization in a package of Jurassic-age volcano-sedimentary rocks. Substantial historical drilling has returned both high-grade copper over intervals between three and six metres in length, as well as 15 to 30 metre-intervals of continuous mineralization. Ilo Este is a large copper porphyry system with coincident gold, silver and molybdenum mineralization which has been mapped at surface over an area greater than three square kilometres, with a similar-sized extension to the east. Additionally, Westminster is acquiring concessions covering nine other earlier-stage projects, all within this same coastal IOCG/porphyry copper belt in southern Peru, providing a pipeline for future value creation.
Regionally, it is reported that over 125 billion pounds of contained copper in published reserves and resources are found within 100 kilometres of the Ilo Norte and Ilo Este concessions, with approximately half of Peru’s copper production coming from this region.
This transaction remains subject to shareholder and final TSX Venture approval, and the company cautions that it has not done any work on the projects to confirm the information contained here. The information has been sourced from the seller, Latin Resources Limited, which is listed on the Australian Stock Exchange.
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