Renewal of Freeport Exploration Database Agreement
VANE Minerals Plc is pleased to announce that the Company’s Agreement (“the Agreement”) with Freeport-McMoRan Copper and Gold Inc. (“Freeport”), providing access to Freeport’s extensive domestic and international exploration files and databank, has been extended to 30 June 2011.
The Freeport databank which covers over 7,000 files (each containing between one and ten projects), has been accumulated over the period 1907-2000 and continues to be a valuable part of VANE’s ongoing exploration strategy. Under the terms of the Agreement, Freeport has the option, either at the time when a project’s reserve announcement is made or when a property goes into a bankable feasibility, to acquire an equity interest of up to 25% in a project. This is made through the payment of twice the exploration costs incurred by the Company on that particular project. The Agreement does not include any active exploration permits or mining rights but gives VANE access to a large, global information portfolio.
Freeport’s exploration files by regions includes USA 4,689 files, Canada 1,230, Mexico 505, South America 300, Central America 100, Australia 200 and the rest of the world 285.
Steve Van Nort (CEO) commented-“We are very pleased to have renewed the Agreement with Freeport and continue to utilize the database not just for project generation but also as an excellent reference library which enables us to rapidly assess incoming property referrals.”