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MENAFN - ProactiveInvestors - Australia - 22/11/2012

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(MENAFN - ProactiveInvestors - Australia) AXG Mining (ASX: AXC) has negotiated a revision to the terms of option agreements with Lara Exploration (TSX: LRA) to farm in to the Condoroma Project and the Coporaque Project, both prospective for copper and gold, in southern Peru.

The more favourable terms allow AXG to pursue a spin out of the two projects into a separate vehicle to be listed on the TSX-V and financed through North American investors, as well as still allow time to complete the first year earn in obligations.

Importantly, AXG shareholders will still have exposure to the projects via AXG's shareholding in the TSX-V listed company.

The company now has more time to complete the first expenditure commitment, and has also substantially reduced the amounts required to be spent in the first period.

For the Condoroma Project, the first expenditure commitment has been reduced from US1 million to US700,000 and the time to complete the expenditure has been increased from 12 months to 18 months.

For the Coporaque Project, the first expenditure commitment has been reduced from US500,000 to US300,000 and the time to complete the expenditure has been increased from 12 months to 24 months.


The Condoroma Project is located along the prolific Andahuaylas-Yauri mineral belt in south-eastern Peru.

The geology of the Condoroma property appears to be consistent with that of other large copper-gold porphyry and skarn systems in the region.

Oro y Paloma, one of seven potential targets identified across the 9,817 hectare property, lies on the Sultana Fault, a significant regional structure that connects the property to the Tintaya cluster.

The Tintaya cluster hosts the Tintaya Copper-Gold Mine, Xtrata's (LON: XTA) Antapacay and Coroccohuayo Deposits, as well as Pan Pacific Copper's Quechua Discovery and Hudbay Mining's Constancia project.

The Condoroma Project is about 15 kilometres south of Tintaya and along the same mineral trend.

The region currently hosts in excess of 4 billion tonnes of copper-gold discoveries.


The Coporaque property has the potential to host large porphyry mineralisation consistent with the geology and mineralisation of the area.

Limited mapping and surface geochemistry has already revealed outcrops of porphyry with gold-copper-molybdenum mineralisation.

The focus of the exploration campaign will be to identify the size of the porphyry body and to locate additional mineralised bodies.

Both Condoroma and Coporaque are close to existing infrastructure providing a low cost of exploration.

The projects are only 75 kilometres apart and straddle major mines and development projects.


With these more favourable terms negotiated with Lara Exploration for the option agreements covering the two highly prospective Peruvian copper-gold projects, AXG can now focus on expanding its investor reach offshore.

The company now has more time to complete the first expenditure commitment, and has also substantially reduced the amounts required to be spent in the first period.

Condoroma and Coporaque represent two high impact base metal projects located close to infrastructure, operating mines and in a world class mineral province with over 4 billion tonnes of resources that remains in its infancy.

With drill-ready targets at both projects, the market will be taking significant interest in exploration activity.


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