RE: Merry Christmas!What year was that NR?? 1 year ago!!!!!
From NG's website regarding El Morro:
El Morro, a joint project with owner-operator Goldcorp Inc., in which New Gold has 30% interest. El Morro entered the permitting stage in November 2008, with delivery of the project's Environmnetal Impact Statement to the Chilean Authorities. Permitting is expected to take from 12 to 18 months, after which development activities could proceed. Xstrata Copper's 70% interest in the El Morro copper-gold project in Chile? More from their website:
In 1999, Falconbridge (formerly Noranda Inc. and now Xstrata Plc.) entered into an agreement with New Gold to earn up to a 70% interest in the El Morro project. Falconbridge agreed to make aggregate exploration and property acquisition expenditures of US$10 million, over a five-year period, as well as make a US$10 million payment to New Gold by September 2005. Xstrata completed the requirements necessary to earn a 70% interest in the El Morro project.
In January 2010, the Company exercised a right of first refusal and acquired 100% of the project. Subsequently, the company entered into a joint venture with Goldcorp Inc. under revised joint venture terms. Goldcorp is now the 70% owner and operator of the project. Goldcorp continues to work through the permit review process for the project with a target to begin construction in early 2011. A project team has been assembled to advance exploration and development at the site during 2010 and plans to further optimize the existing feasibility study are underway. Goldcorp Inc. has stated that exploration expenditures at El Morro during 2010 are estimated to be approximately $10 million.
WOOPS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!