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Getty Signs Letter of Intent with Zhejiang Guoguang Group to Joint Venture Getty's Highland Valley Copper Deposit
Getty Signs Letter of Intent with Zhejiang Guoguang Group to Joint Venture Getty's Highland Valle...
About this update from Getty Copper Inc.
[{"type":"text","content":"\n\n\n\n Sep. 15, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n\n\n Trading Symbol TSX V: GTC\n \n\n\n\n VANCOUVER, Sept. 15 /CNW/ - Getty Copper Inc (TSXV:GTC) announced today\n the signing of a letter of intent ("LOI") with EffiSolar Energy Corp.,\n an affiliate of a large Chinese conglomerate, Zhejiang Guoguang Science\n and Technology Group (ZGSTG) , under which ZGSTG has acquired the right\n to carry Getty's North, South and adjacent deposits in Highland Valley\n British Columbia to production for a 51% joint venture interest in the\n project. Under the LOI, ZGSTG is required to spend a minimum of $5\n million over 36 months to test the expansion potential of the known\n copper reserves beyond the currently estimated (proven and probable)\n figure of 86.6 million tons grading 0.4% Cu (see May, 2010\n prefeasibility study at www.SEDAR.com).\n $3 million of the $5 million is a firm commitment and the balance is\n optional.\n \n\n After investing $5 million in the project ZGSTG will conduct and pay for\n such additional work as is required to produce a feasibility report so\n that ZGSTG can arrange 100% of the debt and equity financing needed to\n take the project to commercial production, the cost of which is\n currently estimated at $400 million. Getty's share of the required\n equity portion of the financing must be arranged on Getty's behalf by\n ZGSTG and is recoverable by ZGSTG as priority on 90% of cash flow from\n the mine. If the participation in the pro...