Copper Strike Signs Funding Agreements with Two Chinese Parties – Proposed Placement at 18c per Share
Following Copper Strike’s acquisition of Teck’s back-in rights to the Einasleigh Project in late September 2010, the Company has now formed a strong strategic alliance with first class Chinese partners (Beijing Jintai Yuanchung Mining Co. Ltd and Taifeng Yuangchung International Development Limited), which, subject to approvals and a successful Feasibility Study, will see the Einasleigh Project well-funded to development. It has been Copper Strike’s objective for over a year to attract a strategic partnership of this quality. Copper Strike’s Board of Directors believe that this arrangement is much superior to Kagara’s continuing low-ball bid of 11 cents per share which has now been unsuccessfully on the table for almost four months.
Walford Creek – Good Numbers Continue to Roll in
Strong results were received from drilling by joint venture partner MM Mining (earning 70%) at the Walford Creek Project in NW Queensland. The results extend the thick high grade portion of the deposit by 200 metres to the east where it remains open at a shallow depth. Best results were in:
WFDD87 which returned 17.1 metres @ 1.94% copper, 2.41% lead, 0.71% zinc, 29.0g/t silver and 0.43% cobalt from 76 metres and
WFDD88 which returned 14 metres @ 1.63% copper, 18g/t silver and 0.086% cobalt from 164metres, as well as 5.5 metres @ 4.9% lead, 4.2% zinc and 87g/t Ag from 158 metres. MM Mining is planning a more substantial drilling programme for 2011.
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