The Northern Miner January 9 2017 Issue

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Microbes for miners, green technology and other innovations on the horizon in 2017 / 9–13

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IG Copper, Freeport probe Russia’s Far East SITE VISIT

| Partners aim to drill 35,000 metres at Malmyzh copper-gold project in 2017

BY SALMA TARIKH

I

EXPLORATION

| Property hosts two pastproducing veins

starikh@northernminer.com KHABAROVSK, FAR EAST RUSSIA

G Copper (IGC), a privately held U.S. company, is making headway at its 51% held Malmyzh copper-gold porphyry project in Far East Russia, near the border of China, with Freeport-McMoRan (NYSE: FCX) holding the other 49%. In mid-2016, IGC completed the Russian government’s review for “strategically significant” deposits and received a Strategic Industries Law (SIL) approval. The SIL approval is required for any large copper, gold, platinum group metals or uranium deposit to be held by a non-Russian firm. As a result, IGC’s joint venture firm Amur Minerals LLC (not to be confused with London-listed Amur Minerals) kept full control of its 226.9 sq. km exploration and mining licences at Malmyzh, along with the mining and production rights for all minerals from Malmyzh and Malmyzh North. The approval makes it easier for IGC and its partner to raise funds and develop the massive project, which contains an inferred resource of 12.5 billion lb. copper and 9.1 million oz. gold (nearly 16 billion equivalent lb. copper). On the SIL announcement, the shares of IGC’s largest shareholder Eurasian Minerals (TSXV: EMX; NYSE-MKT: EMX) soared 22% to $1.28 per share on July 25. Eurasian owns a 36% equity stake in IGC on a fully diluted basis. During a November site visit, Scott Close, Eurasian’s director of investor relations, reveals that Eurasian had heard that IGC needed cash to explore Malmyzh. The royalty and prospect generator then bought its stake in IGC through three private placements, totalling

Winston Gold drills high grade in Montana BY TRISH SAYWELL tsaywell@northernminer.com

W

inston Gold Mining (CSE: WGC; US-OTC: WGMCF) is confident that the past-producing, steeply dipping fissure quartz-sulphide vein systems on its Winston gold property in Montana can extend to considerable depths. The property — 30 km southeast of Helena, the state capital — is home to two past-producing veins: Custer and Edna. Mining started at Custer in the late 1800s and continued up to the 1930s, while mining at Edna lasted until the 1950s. The Custer vein was mined continuously for over 732 metres on See WINSTON / 2 PM40069240

IG Copper’s CEO Tom Bowens (left) and consultant Dean Turner (far right) at the Malmyzh copper-gold in Russia’s Far East, 220 km northeast of the city of Khabarovsk.   PHOTO BY SALMA TARIKH

“IT’S NOT A COUNTRY FOR OLD MEN.” TOM BOWENS CEO, IG COPPER

just under US$8 million in 2011. Eurasian — known for being a mineral exploration pioneer in places such as Serbia, Kyrgyzstan

and Turkey — says its IGC investment could become the “most lucrative.” Close reckons that “at some point, IGC is going to be bought out by somebody for way too much money.” A day before our arrival in Russia, our taxi crawls through the evening rush hour traffic from South Korea’s Incheon airport to the heart of Seoul. The plan is to

take a three-hour flight the next morning to Khabarovsk Krai in Russia’s Far East. Close expects that a large Asian entity or Western multinational company might be interested in a takeover. Project partner Freeport, given its current debt, might not be a likely candidate. (Freeport declined to comment on its plans See IG COPPER / 6

January 23-26, 2017 | amebc.ca/roundup

Where leaders in mineral exploration connect

MOSAIC: OFFERS US$2.5B FOR VALE’S FERTILIZER ASSETS / 3


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