I know its a different company but the sililarities in not only...

I know its a different company but the sililarities in not only the name but location of the mining lease is uncanny....

March 13, 2010
HUGE COPPER SITE UP FOR SALE OR SHARING

ONE of the largest undeveloped copper and gold projects in Australia is up for sale.
The project partners which own the Carrapateena copper and gold project in South Australia's far north have appointed Rothschilds to find a joint venture partner or buyer for the project.

Carrapateena is something of a fairytale story, with RMG Services owner and metallurgist Rudy Gomez putting his own money on the line to drill two holes at the site, about 100km southeast of the Olympic Dam copper, gold and uranium mine.

The SA Government, through its PACE program, co-funded that drilling, which returned a phenomenal intersection of 70m at 3.03 per cent copper and 0.4 grams per tonne of gold.

Canadian company Teck came on board in late 2005 and backed up the initial drilling with a 905m intersection at a grade of 2.17 per cent copper and 0.9 grams per tonne of gold, starting from 487m below ground surface.

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The depth of the deposit could be a factor in Teck seeking a partner, as it has limited underground mining experience.

The company has also had a turbulent time during the global financial crisis and could be unwilling to commit to a project needing a substantial capital investment.

It is believed Teck, via its drilling commitments and payments to RMG, has secured a one-third stake in Carrapateena, with RMG retaining the rest. The company is believed to have completed 75,000m of drilling at the site.

Mr Gomez said yesterday Carrapateena was destined to be a great project. "There's nowhere in the world that has intercepts like that. That's why it's generating a lot of interest," he said.

Mr Gomez said while there had been a lot of drilling at the site, there was not enough to release a resource statement compliant with Australian reporting standards.

"The ore body was quite large," he said.

"Teck Cominco had to finish up on the drilling because they have met our agreement, so they were not able to develop a JORC (Australian standards) resource, but at the same time the drilling was done very competently ... and the ore body's there. But it is quite large and needs more exploration.

"Now we have to look for what is the best option, whether we look for a joint venture partner or whether we sell up."

The Carrapateena project is located within the same geological structure, known as the Gawler Craton, which hosts the Olympic Dam mine and the Prominent Hill copper and gold mine.

However, it lies outside the Woomera Prohibited Area, meaning its development would not require Defence Department approval.

There is no set timeline for the strategic review process.