Freeport-McMoRan to earn into Bute Valley copper project
US-based mining major Freeport-McMoRan has acquired an exclusive right and option to acquire up to an 80% interest in Canadian private company Falcon Butte Minerals’ Butte Valley copper project, in the White Pine county, Nevada.
Under the terms of the agreement, announced by Falcon Butte, Freeport has to sole fund $33-million in exploration expenditures in two stages.
“We have a great belief in the potential of Butte Valley as one of the great deep copper prospects in North America and are excited that Freeport shares in the same vision and look forward to further advancing Butte Valley exploration efforts,” comments Falcon Butte chairperson Travis Naugle.
The Butte Valley project is a big, partially-explored porphyry and skarn copper system located in eastern Nevada, north of Ely.
In support of its continued role as operator at Butte Valley, Falcon Butte announced the appointment of Mark Ramirez as COO. Ramirez brings over 25 years of global mining experience with some of the biggest mining companies in the world, specialising in the exploration, development, construction and operation of numerous world-class underground mines.
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