Mariana and Cliffs finalise Chile exploration JV

Cliffs Natural Resources can acquire up to 70% of the SCM Mariana JV company exploring Chilean IOCG prospects

Author: Jamie Ashcroft
Posted: Friday , 02 Jul 2010

LONDON (Proactive Investors) -

Mariana Resources (LON:MARL) and Cliffs Natural Resources (NYSE:CLF) have now signed a definitive agreement in respect of their proposed joint venture to explore the SCM Mariana Area (SCM), which covers 92,000km² in north-central Chile.

The partners will explore for iron-oxide-copper-gold deposits (IOCG) in the areas, which hosts the 44km² Buenaventura and the 46 km² Perro Chico IOCG projects, as well as a 900km-long zone which extends from Tocopilla to La Serena. The terms of the joint venture were initially agreed back in April 2010, when the parties signed a letter of intent.

"This alliance with mining major Cliffs, which has effectively been underway since January, adds considerable impetus to our programme, fusing Mariana's extensive Chilean exploration experience and Cliffs' mining and metallurgical expertise," Mariana MD John Sutcliffe said. "It is maximising the opportunity in this area, which includes both the Perro Chico and Buenaventura JV projects."

Full article:

http://www.mineweb.com/mineweb/view/mineweb/en/page103118?oid=107354&sn=Detail

Cheers,

durban1