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QUATERRA RECEIVES NOTICE THAT FREEPORT-MCMORAN EXPLORATION CORPORATION WILL EXTEND EARN-IN OPTION AT TINTIC COPPER PROJECT
QUATERRA RECEIVES NOTICE THAT FREEPORT-MCMORAN EXPLORATION CORPORATION WILL EXTEND EARN-IN OPTION...
About this update from Lion Copper And Gold Corp
[{"type":"text","content":"\nQUATERRA RECEIVES NOTICE THAT FREEPORT-MCMORAN EXPLORATION CORPORATION WILL EXTEND EARN-IN OPTION AT TINTIC COPPER PROJECT\n\n\n Jul. 4, 2009 (TheNewswire.ca) -- VANCOUVER, B.C. — Quaterra Resources Inc. (AMEX:QMM) (TSXV:QTA) (\"Quaterra\") today announced it has received notification from Freeport-McMoRan Exploration Corporation of Phoenix, Arizona (\"FMEC\"), that it will extend its earn-in option at the Company's Southwest Tintic copper project in Utah. The notice commits FMEC to make a US$275,000 property payment and 2009 claim maintenance fees on behalf of the Company. FMEC has an option to earn a 70 per cent interest by making staged payments totalling US$4.725 million over a four year period, including a minimum expenditure of US$750,000 by August 29, 2010.FMEC recently completed a seven-line, 37.2 kilometer magnetotelluric/induced polarization (MT/IP) ground geophysical survey at the Tintic property. The survey was performed by Quantec Geophysical Limited using its Titan 24 deep penetrating geophysical system.Upon FMEC earning a 70% interest in the Tintic project, both parties have agreed to joint venture the further exploration and, if warranted, development of the Project on a 70/30 basis with FMEC either funding Quaterra's share of costs through the delivery of a bankable feasibility study or converting its interest to a 1% net smelter return royalty if it determines not to deliver such a feasibility study. The joint venture will be on standard terms including dilution for failure to contribute a party's share of costs. FMEC will be the initial operator under the joint venture.\"We are delighted that Freeport-McMoRan Exploration Corporation will continue to explore for high-grade porphyry copper mineralization at Tintic,\" says Thomas Patton, Quaterra President and CEO. \"We have been advised that plans include a drilling program in 2010.\"Quaterra's Southwest Tintic porphyry copper project which includes the Treasure Hill target, consists of approximately five square miles of mineral rights that were acquired by optioning and staking 85 unpatented U.S. lode claims and purchasing 1,511 acres of patented mining claims in July 2007. The acquisition includes the Southwest Tintic copper deposit discovered in the early 1970's by Bear Creek Mining (TSXV:BCM''A) (TSXV:BCM') (TSXV:BCM) Company. The porphyry copper sy...