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Thursday, 20th December 2007 (2849 views)

Teck Cominco is to invest $3 million (£1.48 million) in the development of the Halilaga porphyry copper-gold deposit, which is situated in north-west Turkey.

Fronteer Development Group announced that Teck's Turkish subsidiary TCAM would be putting the investment into the 2008 exploration programme, which aims to almost double the current drill programme from 6,000 to 11,000 metres.

TCAM, which currently holds a 60 per cent stake in the project, has been granted and extension to December 31st 2008 to earn an additional ten per cent interest in the operation, the Toronto Star reports, in exchange for the additional funding.

According to TCAM, the new programme will focus on grid-drilling of the known deposit as well as testing adjacent areas.

Teck Cominco is a Canadian diversified metals and mining company, which has two 50 per cent-owned gold mines in the Hemlo district of Ontario, as well as a 40 per cent stake in the Pogo gold mine in Alaska.

 

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