Regalito Copper Corp. has acquired an additional 200 liters per second of water rights for its Regalito copper leach project in Chile, adding to the 239.5 liters per second of water rights previously announced. The acquisition also includes an option to acquire an additional 52 liters per second and associated rights of way. The water rights will be acquired for regular cash payments over a two-year period.
In addition, the company has purchased majority ownership of approximately 36,000 hectares of surface rights that overlie the Regalito deposit, the planned sites for leach pads and processing infrastructure and access to the property. The surface rights will be acquired for $2.7 million payable over a three-year period.
David Strang, president, said, "The acquisition of these water rights secures the water requirements for a large scale copper leaching operation at Regalito. We are also pleased that we now control all of the necessary surface rights over the project. The acquisition of these rights is a major milestone in the development of a new large copper leach mining operation at Regalito."
The 46,000-hectare Regalito property contains the largest undeveloped leachable copper deposit globally and contains the second largest reported copper discovery in Chile since 1996. The Company is currently evaluating the merits of developing a 150,000 tonne per year cathode copper mining and leaching operation and strategic options available for development, including the potential sale of the project and/or company.
Source: Regalito Copper Corp.