Empirical East - Copper Mining Exploration
Arizona / New Mexico – EMPIRICAL EAST
In July 2007, Entrée entered into an agreement with Empirical to explore for and develop porphyry copper targets in southeastern Arizona and adjoining southwestern New Mexico. Permits and claims totalling 9995 ha (24,600 acres) have been acquired covering several buried porphyry copper targets interpreted from regional geophysical and geological data.
Four targets have been identified to date: Duncan and Ash Peak in Arizona, and Gold Hill and Lordsburg in New Mexico (see map). Lordsburg is the most advanced of the projects, and initial drill testing of three geophysical targets is planned to commence in October 2008. Geophysical surveys have been completed on the other three projects and results are currently being assessed and prioritized for possible drill testing in late 2008 or early 2009.
Under the agreement with Empirical, Entrée has the option to acquire an 80% interest in any of the properties by incurring exploration expenditures totalling a minimum of US$1.9 million and issuing 300,000 common shares over a period of five years. If Entrée exercises its option, Empirical may elect within 90 days to retain a 20% participating interest or convert to a 2% net smelter returns royalty, half of which may be purchased by Entrée for US$2 million.
