Business
Quaterra Reports 2015 Year-End Financial Results
VANCOUVER, BC--(Marketwired - March 31, 2016) - Quaterra Resources Inc. ("Quaterra"), and its subsidiary Singatse Peak Services LLC ("SPS"), focused their effor
About this update from Lion Copper And Gold Corp
[{"type":"text","content":"VANCOUVER, BC--(Marketwired - March 31, 2016) - Quaterra Resources Inc. (\"Quaterra\"), and its subsidiary Singatse Peak Services LLC (\"SPS\"), focused their efforts in 2015 on a drill program at the Bear deposit, a large porphyry copper system on the Company's 52-square-mile property in the historic Yerington Copper District of Nevada. A summary of the drill program is reported in the Company's December 31, 2015, year-end audited financial statements and management's discussion and analysis (\"MD&A\") filed today. The financial statements and MD&A are available at www.quaterra.com, on SEDAR at www.sedar.com, and on EDGAR at www.sec.gov. The financial statements have been prepared in accordance with International Financial Reporting Standards. This release should be read in conjunction with those documents. All dollar amounts herein are in U.S. dollars unless otherwise specified. The MD&A reports that the Bear drill program has been funded with payments to SPS by Freeport-McMoRan Nevada LLC (\"Freeport Nevada\") under the terms of an Option Agreement. On June 15, 2015 Freeport Nevada extended the Option Agreement for an additional 12 months with a commitment of $7.15 million in funding to SPS. On August 13, 2015, the Company commenced a five- to seven-hole exploration drilling program at the Bear deposit funded by the Freeport Nevada Stage 2 commitment. The drilling program is designed to assess historic assay results and determine geological controls for higher-grade mineralization. A magneto telluric (MT) geophysical survey was also carried out over the Bear target area to assist in drill site selection. Results from the drill program are being released as they become available. Assays from the three holes completed in 2015 were released sequentially on November 17, 2015, December 23, 2015, and February 8, 2016. \"With the cash on hand, the anticipated funding commitment from Freeport Nevada and the proceeds from the sale of non-core assets, the Company believes it has sufficient cash to maintain its operations in the next 12 months,\" reports the MD&A. The MD&A reports that during the year ended December 31, 2015, the Company received total proceeds of $8.075 million made up of $4.575 million paid to SPS per terms of the option agreement with Freeport Nevada; $2.0 million from th...