SDL 0.00% 0.6¢ sundance resources limited

mantos grandes project.sold for aus 488 533

  1. 825 Posts.
    lightbulb Created with Sketch. 10
    Announcement by SH Mining:


    Southern Hemisphere Mining Limited: Exercises Option to Purchase the Mantos Grandes Project From Sun
    Southern Hemisphere Mining Limited (TSX VENTURE:SH)("Southern Hemisphere"), is pleased to announce that it has exercised an Option to purchase all the shares in Sociedad Servicios E Inversiones Futuro Limitada (Futuro), a Chilean incorporation that was previously owned by Sundance Resources Limited of Australia. The exercise price was Aus$ 488,533.

    The assets of Futuro comprise:

    Tenements

    A total of 54.55 Sq Km of a combination of granted mining concessions, prospecting concessions and mining petitions. These tenements are all in good standing.

    Rural Property

    The "Las Mollacas" rural property with a surface area of 923 hectares.

    Mining Plant

    A 200 tonnes per day standard flotation processing plant that has been on care and maintenance since the early 2000's.

    Water Easement Rights

    The plant is legally entitled to use the water running through the rural property.

    About Mantos Grandes

    The Mantos Grandes project was an operating mine based on a skarn copper ore body. North Limited, an Australian mining company, did have an option over the project and conducted a drilling program over the skarn deposit. Rio Tinto took over North Limited and felt that Mantos Grandes was too small a target for them. Sundance Resources purchased the project and conducted some geochem surveys that came up with an indication of porphyry style alteration packages in a zone away from the skarn deposit. Sundance changed direction and focused on iron ore in Africa and entered into an option agreement with Southern Hemisphere that was recently exercised. Southern Hemisphere intends to complete the geochem survey, conduct a geophysics survey prior to commencing a drilling program.

    About Southern Hemisphere Mining Limited

    Southern Hemisphere is a South American focused resource company focused on exploring for large tonnage copper resources in Chile. The Company started trading on the TSXV on January 4th 2008 and currently has four projects in Chile covering approximately 177 km2 of prospective exploration ground covering four mineralized porphyry copper systems. These projects, La Santas, El Arrayan, Mantos Grandes and San Jose, are all located within the Chilean copper belt and in the case of two of the projects are in close proximity to existing large copper or copper /gold mining operations. Southern Hemisphere commenced drilling at the La Santas project on the 25th Jan 2008.

 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.