2010 Mining Explorers: Western Copper Corp.
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Last updated 10/31/2010 at Noon
WRN:TSX
Chairman and CEO: F. Dale Corman, B.Sc., P.Eng.
President and CEO: Paul West-Sells, Ph.D.
Vice President, Finance and CFO: Julien Francois, CA
Western Copper, incorporated in 2006 in British Columbia, has a pipeline of projects, a strong cash position, no debt and an experienced management team.
Its key assets include two copper properties in central Yukon Territory - the billion-metric-ton Casino Project and the Carmacks Copper Project.
Western Copper also holds significant gold, copper and molybdenum resources and reserves in two other Canadian properties - the Hushamu property in British Columbia and the Redstone property in the Northwest Territories.
In 2010 Western Copper focused on the sprawling Casino property, previously estimated to contain 8 million ounces of gold, 4.4 billion pounds of copper and 475 million pounds of molybdenum in proven and probable reserves.
Western Copper envisions Casino becoming a 90,000-metric-ton-per-day mine that would pay off its projected $2.1 billion in capital costs in 3.2 years.
The junior hopes to apply for operating permits in early 2011 with the goal of beginning mine production in 2014-15.
Western Copper is spending C$6 million on exploration at Casino in 2010, bringing to 27,000 meters new drilling on the property since 2008. This exploration has extended Casino's flat-lying shallow copper and gold-enriched supergene zone to a 2.0-kilometer by 1.2 kilometer, or 1.24-mile by .75-mile, area. In June, Western Copper reported that the average core length of the supergene from current drilling is about 80 meters, and the copper and gold-enriched zone remains open to the north for further expansion.
"We believe the discovery of significant additional near-surface supergene mineralization has the potential to considerably improve the project's economics," Western Copper Chairman and CEO Dale Corman told Mining News.
Of the 33 holes drilled and assayed during phase 1 of 2010 exploration, 29 holes returned significant mineralization.
Highlights include assay results from hole CAS-073, which returned 114 meters of 0.97 percent copper-equivalent mineralization in the supergene zone and 110 meters of copper, gold and moly mineralization for a copper-equivalent grade of 0.69 percent in the deeper hypogene zone.
With the latest drilling, the company also determined that Casino hosts a significant silver resource.
The Carmacks Project near Carmacks, Yukon, which could produce 32 million pounds per year cathode copper for about six years, was scheduled to begin construction in early 2010.
However, the Yukon Water Board denied the company a water license for a 5,000 t/d open pit mine at Carmacks in May. Western Copper appealed that decision to the Yukon Supreme Court and is awaiting a ruling that hopefully will clarify the jurisdiction and responsibilities of the Water Board in relationship to those of the Yukon Environmental and Socio-economic Assessment Board, which gave approval for the Carmacks Copper Project to proceed subject to terms and conditions, and Yukon's Minister of Energy, Mines and Resources, who granted a quartz mining license that authorized the construction, operation and ultimate decommissioning of mining facilities for the project.
Western Copper said it aims to seek reconsideration of the water license application for the Carmacks Project next spring.
Cash and short-term deposits: C$8.2 million (at June 30, 2010)
Working capital: C$6.4 million (at June 30, 2010)
Market capitalization: C$100.72 million (at Sept. 10, 2010)
2050 - 1111 West Georgia St. Vancouver, British Columbia
Canada, V6E 4M3
Tel: 604-684-9497 Fax: 604-669-2926
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