PERTH (miningweekly.com) - Junior White Star Resources has told shareholders that it would close down its offices in Copiapo and Santiago, in Chile, following a review of its operations there.
The closures were made in light of the current equity market conditions, and White Star’s efforts to cut back on costs.
The company would also start looking for potential joint venture partners for its early-stage exploration tenements in Chile.
White Star had entered Chile with the directive of advancing its portfolio of projects, while at the same time seeking opportunities to acquire more advanced assets with near-term production potential.
“Shareholders should know that the White Star team have used their best efforts in undertaking an exhaustive process to the highest standards. Despite this, our efforts in Chile have not resulted in the acquisition of a new more advanced project, because we were committed to only acquiring projects based on attractive commercial terms to White Star,” said MD Tony Greenaway.
“Following the closure of the Chilean offices, the company will pursue joint venture opportunities on its properties and evaluate other new resource opportunities,” he added.
The company currently holds five properties in the copper-producing Atacama region.