Quri Resources, Inc. Acquires the Emerald Isle Copper Mines in Kingman, Arizona
MIAMI, Feb 23, 2009 (GlobeNewswire via COMTEX) -- Jaime S. Gomez, CEO and President of Quri Resources, Inc. (Pink Sheets:QURI), traveled to the United States to inspect the Emerald Isle Copper Mines in Kingman, Arizona. During this trip Mr. Gomez stated, "This is a great addition to our portfolio and increases our presence in the international mining community. Acquiring copper properties in the United States mitigates any perceived political risk to our shareholders and investors. I am confident that the market on base metals will continue to recover and combined with our Gold properties we are positioned for explosive growth over the next several years."
Mr. Gomez entered into a Letter of Intent with Copper Mesa Corp. (TSX:CUX) to acquire its copper property, Emerald Isle. The property is located approximately 24km northwest of Kingman, in the Wallapai District, Mohave County, Arizona. The Emerald Isle Mine is comprised of 37 unpatented lode mining claims and 12 millsite claims. They are scheduled to close this month after due diligence is completed.
Emerald Isle mine is an open pit mine with an existing SX-EW processing plant on site, which was in operation from 1995 to 1996. The majority of the infrastructure including the SX-EW processing facility remains intact and needs very little work to start operations. An independent appraisal has valued the existing plant at over $1,200,000.
The Emerald Isle copper deposit is hosted by Late Tertiary conglomerates and, to a lesser extent, by Quaternary alluvium and Cretaceous granitic rocks. Copper mineralization at Emerald Isle is in the form of mineralized lenses contained within a paleochannel a few thousands of feet long and up to 750 feet wide. The source of copper at Emerald Isle is interpreted to be the low grade porphyry-type copper mineralization at Alum Wash, about 3.5 miles northeast of the Emerald Isle deposit. The mineralization is characterized by dark blue to black rock similar to the Exotica deposit, a satellite of the huge Chuquicamata copper deposit in Chile.
Past exploration (seismic survey by Arimetco) results suggest that a paleochannel similar to the one hosting the Emerald Isle deposit may be present south of the current open pit. Prefeasibility studies give the existing open pit mine a life of approximately 4 years, removing 5,400,000 pounds of copper per year. There are also significant values of Zinc.
Quri Resources, Inc. is a U.S-based junior mining company with properties in various stages of exploration in Ecuador and the United States.
For more information contact Jaime S. Gomez: Jaime@quriresources.net
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