Southern Peru Copper to Start Drilling Canadian Shield's Cerro Cori Property
03 März 2008 - 2:30PM
Marketwired
TORONTO, ONTARIO ("Canadian Shield" or the "Company") is pleased
to announce that Southern Peru Copper Corporation, Sucursal del
Peru ("Southern Peru") is mobilizing a diamond drill rig to the
Cerro Cori Property located in Ayacucho, Peru. Southern Peru will
begin a 9-hole, 2,500 metre drill program in the coming days.
Canadian Shield and Southern Peru signed an earn-in agreement
for Cerro Cori in May 2007. Cerro Cori, a high sulfidation
epithermal gold prospect with copper gold porphyry potential, is
held 100% by Gallant Minerals Peru ("Canadian Shield Subco"), a 90%
subsidiary of Canadian Shield. Under terms of the earn-in
agreement, Southern Peru is obligated to incur exploration
expenditures of US$350,000 within the first year of the earn-in
period. Southern Peru may earn a 65% interest in the property by
spending a total of $3.5 million over the next 4.5 years and paying
$1.5 million to Canadian Shield Subco over the next 24 months.
Southern Peru also has the right to earn an additional 10% by
completing a bankable feasibility study to acquire a total interest
of 75%.
"We are excited to have a company of the scale, experience and
calibre of Southern Peru as our joint venture partner on Cerro
Cori. We anxiously await results from their drilling and are very
pleased to see another one of our nine exploration properties taken
to the next step," said Phil Anderson, VP Exploration for Canadian
Shield.
Cerro Cori Property
The Cerro Cori Property covers 3,994 hectares and is located
east of the town of Puquio and south of the paved highway from
Nazca to Cuzco. The property is located in the center of a 35
kilometre wide caldera. Over 100 gold and polymetallic
(silver-copper-lead-gold) mineral occurrences are localized along
the caldera margin. The past producing Monica Lourdes copper mine
is located 10 kilometres west northwest of the property. A grab
sample from near surface, secondary enriched vein mineralization
hosted in argillically altered volcanic rocks returned 4.39%
copper. North Mining Ltd. ("North Mining") explored Cerro Cori in
the late 1990s. North Mining completed drill target selection and
road construction but all exploration on the property stopped when
North Mining was purchased by Rio Tinto Zinc.
The hydrothermal alteration on the property is of major scale
and could be associated with an underlying copper gold porphyry
system. The combination of geologic features and easy access to the
property make Cerro Cori an excellent exploration opportunity.
About Southern Peru Copper Corporation, Sucursal del Peru (LSE
Investment Shares: SPCCPI1 - SPCCPI2):
Southern Peru Copper Corporation, Sucursal del Peru is the
Peruvian Branch of Southern Copper Corporation, one of the largest
integrated copper producers worldwide that holds the second largest
copper reserves of any listed company in the world. Southern Copper
Corporation is listed on the New York Stock Exchange (NYSE) and
Lima Stock Exchange (LSE) and is 75.1% owned by Grupo Mexico, a
Mexican company listed on the Mexican Stock Exchange. The
international investment community holds the remaining 24.9%
ownership interest . Southern Copper Corporation operates mining
units and metallurgical facilities in Mexico and Peru and conducts
exploration activities in Mexico, Peru and Chile. Southern Copper
Corporation's production amounted to 1.3 billion pounds copper and
36 million pounds of molybdenum during 2007, with net sales of
US$6.1 billion. As at December 31, 2007, Southern Copper
Corporation's cash and cash equivalents amounted to US$1.4
billion.
About Canadian Shield Resources Inc. (TSX VENTURE: CSP)
Canadian Shield acquires and explores strategically-located
precious and base metal properties in South America. The Company
currently controls a portfolio of nine exploration properties
located in Peru and Chile. Canadian Shield will continue to focus
on project generation and joint venture opportunities to provide
shareholders with interests in a broad portfolio of South American
mineral properties. The Company's shares are listed on the TSX
Venture Exchange (Trading Symbol TSX VENTURE:CSP). Further
information is available at Canadian Shield's website:
www.canadianshieldresources.com
STATEMENTS IN THIS PRESS RELEASE, OTHER THAN PURELY HISTORICAL
INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE
PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE
FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON
NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND
UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS
A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED
IN THE FORWARD-LOOKING STATEMENTS.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts: Canadian Shield Resources Inc. Bernard Kraft Chairman
& CEO Toll Free: 1-888-927-0025 or (416) 927-0025 Ext. 30 (416)
927-1222 (FAX) Email: investor@canadianshieldresources.com Canadian
Shield Resources Inc. Phil Anderson (VoIP Line): (416) 907-5690 or
(511) 719-6152 (511) 446-1194 (FAX) Email:
panderson@canadianshieldresources.com Website:
www.canadianshieldresources.com Investor Relations AGORACOM Email:
CSP@Agoracom.com Website: www.agoracom.com/IR/CanadianShield MI3
Mario Drolet President (514) 904-1333 (514) 904-2331 (FAX)
(TSXV:CSP)
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