Hornby Announces Completion of Legal Survey on 5% Net Smelter Royalty, Copper Mountain
17.09.2013 | Marketwire
TORONTO, Sep 17, 2013 - Hornby Bay Mineral Exploration Ltd. (TSX VENTURE:HBE) ("Hornby Bay") announces that it has completed a legal survey of the mineral rights underlying Hornby Bay's 5% net smelter royalty ("NSR") on the Copper Mountain Mine property holdings located near Penticton, British Columbia. The NSR covers approximately 4,000 acres (1619 ha.) or approximately 22.3% of the 18,000 acre (7284.34 ha.) property comprising the Copper Mountain Mine, which is a joint venture between Copper Mountain Mining Corp. (which owns a 75% interest) and Mitsubishi Materials Corp. (which owns a 25% interest) of the property comprising the Mine.The legal surveys have been registered with the Surveyor General's Office of British Columbia for the purpose of confirming the exact location of the underlying mineral rights and boundaries of Hornby Bay's NSR.
The Copper Mountain Mine is designed to process 38,000 tonnes per day and officially commenced production in August 2011. Teck Resources also holds a variable net smelter return royalty on 1000 acres (405 ha.) within the mineral rights comprising the mine.
Hornby Bay now expects to be in a position to realize value from its NSR within the Copper Mountain Mining Corp. mineral holdings.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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Contact
Hornby Bay Mineral Exploration Ltd.
Maurice Colson, President and CEO
(416) 727-3966