Breakaway Says BHP Withdraws From JV After Drilling Review
May 16 2012 - 9:05PM
Dow Jones News
BHP Billiton Ltd. (BHP) has decided to withdraw from a
prospecting joint venture in Australia following a commercial and
technical review of a drilling campaign at the 7.5-million-ounce
Altia silver deposit, smaller partner Breakaway Resources Ltd.
(BRW.AU) said Thursday.
In a statement, Breakaway said BHP had informed the company that
it believed there was limited potential for the discovery to be
mined in a way that would meet its commercial criteria--although
drilling in 2010 and 2011 demonstrated the Altia project in
Queensland lies within a broad system with silver, lead and zinc
mineralization.
"The withdrawal now creates a significant exploration
opportunity for Breakaway as it gives the company unrestricted
access to three exciting advanced exploration targets that lie
within the former joint venture area, and an extensive database of
new geological information generated during the joint venture
period," Breakaway said.
It said the existing inferred mineral resource at Altia remains
intact.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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