Stock Guru spoke with Henry Jung with Network Exploration, Ltd. today. “The worldwide demand for copper is expanding as the economies in China and India expand. There are three goldmines located on the property. They were once active and have since been abandoned. When these mines were first analyzed by a large Canadian mining company copper was selling for south of a dollar a pound. It is now closing in on $3.75 a pound and we believe with the worldwide demand increasing this price is pretty firm. Noranda — the large mining company that previously owned this property — knew there was copper there but at sixty five cents a pound it was not worth mining. That was almost twenty years ago and the world has changed.”
Mr. Jung points to Network Exploration’s team as the all important element of the business. “This decision to go forward in the Chilean Andes is attributable to our advisors and employees. Like every business it’s the people and in our case we have a former employee. Ken Thorsen is on our advisory Board. Network Exploration Ltd. Ken has over 37 years of experience in the exploration business, having previously held the position of general manager of advanced projects for Teck Cominco. Mr. Thorsen had a distinguished 21-year career with Teck, rising from regional exploration manager, where he had an instrumental role in the discovery of the Estrades massive sulphide project in northwestern Quebec.”
“Teck, with whom Mr. Thorsen was associated made significant discoveries on former Noranda property. It has been our observation that Noranda had history of underexploring property and felt this was one of those properties. Now we have a Memorandum of Understanding to explore this property. This will be finalized in a few weeks. For a Junior Mining Company to get this property is significant and exciting,” Jung continues.
The Caldera prospect contains a porphyry copper-gold system situated in the precordillera of Region III, to the south of the El Orito district. This history or this property is that during 1993 and 1995 an exploration program was undertaken by Noranda, which defined two “exploration targets”. The first corresponds to the central portion of the system� which is a porphyry with intense potassic-biotite alteration. The second is auriferous mineralization associated with a system of veins and hydrothermal breccias located on Cerro Caldera. At least three locations have been exploited: Resguardo (Defense), Verde (Green) and La Blanca (The White).
Originally Noranda was interested in the gold potential of the prospect. However due to the geochemical results, petrographic studies and the I. P. geophysical anomaly, attention was diverted to the copper potential.
From the previous work and field observations one can highlight a series of characteristics which can be used to define interesting exploration potential, mainly in the system of parallel veins and hydrothermal breccias (Gold Caldera).
The project is protected by a properly registered mining concession.
- The pertinent characteristics of the infrastructure are:
- Climate- Temperate with scant precipitation. Uninterrupted work is possible throughout the year — maximum elevation 2,800 m above sea level.
- Access- Good access from the Pan-American Highway. From the access road to the La Silla observatory the project can be reached in 1.5 hours.
- Availability of water- There are good possibilities for water in the area� whcih is assured from the El Carmen River.
- Energy- Electricity can be obtained from the from the Domeyko substation which is about 30 km in a straight line from the project.
- Space- There is sufficient space for the eventual construction of plant site, tailings ponds and camps.
- Availability of workforce- The Vallenar-Cachiyuyo area is one of the most depressed in the country in terms of work.
In summary, Mr. Jung wants people to understand this is not a piece of property that is being explored on a hope and a prayer. This property was previously explored by a major mining company when copper was at a very low price. With the value of copper at its current levels and with the preliminary results this has the potential to produce copper at a very profitable level.
Tomorrow: Discussion with Richard Schnoor, the director of international operations for the company. Mr. Schnoor will discuss the mines, their history, their locations, the existing infrastructure and the plan to mine both copper and gold in South America
Stock Guru: NETYF� Source: Henry Jung Network Exploration Ltd. — NETYF
505 Burrard St.
Suite 1880
Vancouver, BC V7X 1M6
CAN
Website: http://www.networkexploration.com/
Phone: 604-681-3864
Fax: 604-681-1265
About Network Exploration: Network Exploration Ltd. is a mineral exploration Company committed to building shareholder value through the acquisition of base and precious metal properties in North and South America. For additional information, contact the company at 604 495-6302 or visit our website at www.networkexploration.com
Forward Looking Statements: This news release contains certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
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