NEW YORK Urion Mining
International BV, a wholly owned subsidiary of Trafigura Beheer
BV, will provide funding to Salazar Resources Ltd. for its
copper-zinc Curipamba project in Ecuador.
Urion will purchase 2.5 million
shares in Salazar for Canadian $1 million ($983,900), the net
proceeds of which will be used for working capital
After an engineering firm is
hired to prepare a preliminary economic assessment on the El
Domo property in Ecuador, Urion will offer an additional
investment of up to C$1 million in a further private placement
of common shares, Vancouver, British Columbia-based Salazar
said March 26.
Once the engineering study is
compete, likely in about eight months, Urion could provide
additional financing through either an investment in the
company or its wholly owned Ecuadorian subsidiary, Curimining
SA. Urion can earn a maximum 35-percent interest in either
Salazar or Curimining.
Curpambas reserves consist of 292.6 million pounds of
copper, 304.8 million pounds of zinc, 36.5 million pounds of
lead and 498,000 ounces of gold, according to the
"We are very enthusiastic about
this agreement, which marks a new stage in the life of the
company that will be of great benefit for both companies as
well as for our shareholders," Fredy Salazar, president and
chief executive officer, said in a statement.