ArcWest options its Todd Creek copper-gold project to Freeport-McMoRan copper gold BC
- ArcWest Exploration announced today that it has entered into an earn-in agreement with Freeport-McMoRan Mineral Properties Canada to advance ArcWest's Todd Creek copper-gold project, located in BC's Golden Triangle.
To earn an initial 51% interest, Freeport is required to fund CAD $20 million of work expenditures over a 5-year period and make staged cash payments to ArcWest totaling CAD $900,000. ArcWest will be the operator during the initial earn-in period. “Once Freeport has finalized its earned ownership interest at either the 51% or 80% level, each party will be responsible for funding its pro rata share of project costs on a 51:49 or 80:20 basis,” the company added.
President and CEO Tyler Ruks commented,"ArcWest looks forward to advancing our Todd Creek project in partnership with Freeport, one of the world's largest copper miners and a team with a track record of global copper-gold discoveries that have proceeded to mine development.
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