AIM Miner To Explore For Copper In Tibet
[WTN-L World Tibet Network News. Published by The Canada Tibet Committee. Issue ID: 2006/04/24; Monday, April 24, 2006.]
The agreement, entered into through its wholly owned BVI-registered company Central China Minerals, was signed with Hubei Chuxiong Minerals Exploration and Development.
The signing with the Chinese-registered company wholly owned by the Hubei North East Geological Team, allows Central China to explore and apply for exploration licences over the De Ming Ding area in Tibet. The area is about 1 789 km2 and is prospective for porphyry-type copper deposits.
Central China Goldfields has the first right of refusal to negotiate a Joint Venture Agreement with Hubei over new exploration and mining licences within the area of interest. The terms of the agreement will be negotiated on a property-by-property basis.
Should an agreement not be reached, Central China Goldfields has the right to match any other offer for a Joint Venture with Hubei over new exploration and mining licences within the area.
This agreement is valid for a year, starting on May 1, but will be extendable upon mutual consent.
Central China Goldfields has the right to evaluate available data currently held by Hubei. The two companies will together identify targets and apply for exploration licences within the area.
MD Dr Jeffrey Malaihollo commented: "This is our second agreement with the Hubei North East Geological Team, following the Xiang Shui Tan joint venture. This agreement has given Central China Goldfields access to a large and very prospective porphyry copper belt in Tibet. We very much look forward to a fruitful relationship with Hubei."
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