Copper 360 signs a MOU with Far West Gold Recoveries

Copper 360 has signed an MOU with Far West Gold Recoveries (FWGR) for a period of 12 months to conduct a DD on the O’Okiep, Carolusberg, Lower and Upper NamaCopper Copper Tailings dams. During the DD period, FWGR will, through an independent expert, determine, (a) the total tonnage of tailings material by Lider survey applying a density of 1.4 tonnes per cubic metre and as may be required (b) a purchase consideration to acquire 50% of the copper tailings dams if the result of the DD is to the satisfaction of FWGR.

Jan Nelson, CEO of Copper 360 commented; “Copper 360 estimates that there are approximately 50 to 60 million tonnes of dump material with grades varying between 0.18% and 1.5% copper in the dumps with the potential to contain 450 000 tonnes of copper metal in situ. During the DD, FWGR will independently assess the economic viability of the copper dumps and if the results are to their satisfaction the parties will enter into a joint venture agreement. FWGR may acquire 50% interest in the tailings dams at a price to be independently agreed and will become the operator of the dumps.

Copper 360 is currently focussed on commissioning 2 processing plants at the Rietberg Mine and drilling and evaluating 5 new mines. Our expertise and focus is not tailings treatment although we recognise the potential of the copper dumps. It is therefore logical that we have approached the world leaders in dump retreatment to see if a potential partnership could be negotiated to potentially bring these assets to account if the DD is viable.”