For immediate release 9 October 2012
("CDC" or "the Company")
Completion of Internal Report on Basay Geology and Drilling
Copper Development Corporation (AIM: CDC) has completed an
internal interim report on the drilling results and geology
at the Basay tenement on Negros Island in the
Philippines.
The report has provided a non-AIM compliant estimate of
resource and grade which the Board has concluded are
insufficient to support a mining operation. The report also
recommends additional drilling to determine the extent of the
deposits with several target areas identified. However, the
Company has decided not to conduct any further exploration on
this property at this time, in light of the cost of such
drilling and the ongoing discussions with the Government over
the Privatization Management Office's claim to the
property.
The Company has continued its vigorous defense of its rights
to the property based on the legal opinions of two leading
Philippine law firms, while the Privatization Management
Office has maintained what the Company and its legal counsel
believe to be a legally unsubstantiated claim to the
property. Whilst an application for renewal of the Basay
exploration permit has been made, there is a possibility that
the permit, which expires on 1 December 2012, may not be
renewed.
Copper Development Corporation | Beaumont Cornish Limited | GMP Securities | GTH Communications |
The Company | Nomad | Broker | Financial PR |
Mitch Alland | Roland Cornish | Richard Greenfield | Toby Hall Suzanne Johnson Walsh |
+44 (0)1624 639396 | +44 (0)20 7628 3396 | +44 (0)20 7647 2800 | +44 (0)20 3103 3902 |
distributed by |