LCC already owns 50% of Francisco I & II... I may be wrong (and my apologies in advance if this is the case) but the text below should potentially contribute the debate about LCC and CCD …
Source : NI 43-101 Technical Report
Link : https://www.luminacopper.com/s/TacaTacaProperty.asp (Technical Report is at the end of the page)
Technical Report Page 1 – 1
“The Grupo Minero and additional mineral concessions are currently registered under the name Corriente Argentina S.A. (CASA). Through its wholly-owned subsidiary, Minera Corriente Chile S.A. (Minera Corriente), Lumina Copper is the beneficial owner of all the issued and outstanding shares of CASA.”
“The Taca Taca property consists of a Grupo Minero covering 2,559 ha and 16 additional concessions, owned wholly or in part, covering 18,596 ha. In the region, additional mining rights applications have been registered but not yet granted, totalling 32,492.83 ha.”
Those properties are clearly itemized at Technical Report Page 4 - 2 (sorry, cannot insert here - follow the link above - quite interesting report), where it is mentioned that, besides TACA BAJO Deposit, the mining concessions incorporate, amongst others, 50% of Mina Francisco I and 50% of Mina Francisco II.
Consequently, and under condition that my assumptions are correct, it could be derived that:
1. LCC already owned 50% of Francisco I & II since 2005;
2. The MOU with CCD only relates to an exploration JV (since 50% of the concession is already owned by LCC and 50% by CCD) and the underlying fact behind the (Oct 18, 2012) CCD press release sentence "Funding is pro-rata between Corriente and Salta, which each hold a 50% interest Francisco I and Francisco II" becomes self-supported;
3. This JV was only necessary due to forthcoming disbursement deadlines that had to be met (for Francisco I & II.) As per (Oct 18, 2012) CCD Press Release : “The objective of the MOU is to complete the required investment plan for both properties as dictated by article 217/218 of the Argentine mining code, which requires expenditures of AP$ 3,120,000 on Francisco I by November 17th 2012 and AP$ 2,740,000 on Francisco II by May 3rd 2013”
4. There is barely something interesting to communicate by LCC since it is about “normal” drilling on one of the LCC existing concession;
5. TACA BAJO Deposit is not the single LCC asset in the TACA TACA region (and LCC owns more claims that CCD - who only owns 8,686 hectares)
This text has been posted on both LCC and CCD Bullboards for the purpose of further discussion (already started) between the concerned parties.
PS : I would be greatfull if someone could explain me how to insert a picture into a post.