Rocky posted on both the MMTE and TTXP board (Remember, the rumor has been that MMTE and TTXP will merge), that investors should watch what happens with TTXP for a clue on what will happen with MMTE. Today we received this PR regarding TTXP:
Trilliant Exploration Corporation (OTCQB: TTXP) ("Company") reports that the company and Copper Island Mines Ltd. ("Copper") have signed a definitive agreement for Trilliant to complete the acquisition of a 20% interest in Copper Island's Quadra Island Project ("Project") for Thirty Million shares of Trilliant's common stock.
Mr. Jared Lazerson, Chief Executive Officer of Copper Island Mines, stated, "The historic resource estimate (non-NI 43-101 compliant) for the Copper Island Property is 3.5 million metric tons grading 2% copper. With today's prices in place, the potential in situ resource is just over 500 million dollars. In October of 2011, Copper Island's board authorized management to proceed with the Copper Island Project and begin the acquisition process with TTXP. We intend to continue working closely with TTXP in bringing the historical resource into modern NI 43-101 compliance, and moving forward on confirmatory exploration with the goal, based on a sufficient resource, of commencing production by mid-2014 under the BC Small Mines Act."
The Project is located 15km NW of Campbell River, British Columbia. Copper Island Mines Ltd. is the operator of a 3000 hectare property which is known for high grade chalcocite mineralization. The area has been under regular development and small scale production since 1915. The area contains one of the highest densities of copper prospects in British Columbia and is rated high for mineralization by the BCGS (British Columbia Geological Service). Initial exploration on the Property was conducted by Dodge Copper in 1954 when 145 percussion holes were drilled outlining the Pomeroy areas. Exploration in the 1970s by Prince Stewart Mines and Quadra Mining resulted in a historic reserve estimate of 3.5 metric tons grading 2% copper. Exploration in the 1990s resulted in a historical resource estimate from all occurrences of 5.3Mt grading 1.98% copper. These estimates are used for historical reference purposes only and while produced by qualified engineers of their day are not compliant under NI 43-101. Copper Island Mines Ltd. is in the process of working with independent Qualified Persons, as defined by NI 43-101, to produce a NI 43-101 compliant resource estimate regarding the copper mineralization at Copper Island.
The company will file an 8k today outlining the transaction.
About Trilliant Exploration (OTCQB: TTXP) http://www.trilliant-exploration.com Trilliant Exploration is focused on a variety of strategic mineral acquisitions including Copper and well positioned to capture the next wave in mineral exploration, lithium and rare earth metals. Trilliant Exploration is a US based, high growth mining company focused on adding value through successful exploration, project development, efficient operations, and opportunistic acquisitions. Maintaining a low risk profile through project diversification, astute financial management and operating in secure jurisdictions are key priorities for Trilliant Exploration's Management team.
