OCR Text |
Show Cesrteiwial Study Looks Good; Option Extended to March Centennial Development Develop-ment Co. announced W ednesday ed-nesday that feasibility studies have been progressing pro-gressing favorably on the Lisbon Valley copper properties pro-perties under option from Keystone - Wallace Recourses, Re-courses, a wholly owned subsidiary of G.M. Wallace Wal-lace Co.. Denver. Colo. The option agreement between Centennial and KWR, which was announced announc-ed by Centennial last ear. has been extended from Nov. 30. 1973 to March of 1974. to allow more detailed work on the r "i f r Vn t e' n m technical report will be submitted by Centennial to Keystone Key-stone - Wallace prior to December 31. 1973. Under a separate op erating agreement recently re-cently concluded with Centennial. KWR continues con-tinues to produce cement copper in their oxide leach plant on ore mined from oxide reserves on the optioned properties. If Centennial exercises their option to dev elop the Lisbon Valley copper properties pro-perties in a" limited par-perties par-perties in a limited partnership part-nership with Keystone-Wallace, Keystone-Wallace, engineering, design de-sign and construction of facilities for a sulfide plant and open pit mine are expected to be completed com-pleted in two years. The extended time is necessary because of delivery de-livery dates on equipment and power needed for the operation. K e y stone-Wallace ha s mined and milled oxide-type oxide-type ores from the Lisbon Lis-bon area for a number of years, but the firm has not been able to utilize uti-lize what has been considered con-sidered quite extensive deposits of sulfide ore due to limitations in the mill. 'The option study by Centennial was to determine deter-mine the feasibility of constructing a mill to take advantage of those sulfide sul-fide ores, and at this point it appears quite favorable, favor-able, a Centennial spokesman slated. |