Found this article that shows Teck just might be spending some of that money.
May 03, 2012 (ACCESSWIRE-TNW via COMTEX) -- May 3 2012, Vancouver, BC - Lorraine Copper Corp. ("Lorraine Copper" or "the Company") CA:LLC -20.00% would like to give an update on the status of its 49% owned Lorraine-Jajay-Jan-Tam-Misty Property ("Lorraine Property") which is located in the Quesnel Terrane approximately 260 km northwest of Prince George, BC.
The Company has commissioned a NI 43-101 compliant resource estimate for a portion of the property including areas known as the Upper and Lower Main Zones and the Bishop Zone where a sufficient number of drill holes are present to allow a resource estimate. The independent report documenting the results of this work is currently being prepared and its results will be reported once the report is available for SEDAR filing (a regulatory requirement). The area for which the resource will be estimated only represents a small portion of the mineralized system.
The Lorraine project is well served by resource infrastructure, including all-season roads, the Kemess power corridor to the northeast and the Canadian National Railway line to the southwest. The Lorraine property covers an area of approximately 39,046 ha (96,481 acres) and represents the culmination of more than sixty years of land assembly which began in 1947 when Kennecott Copper Corporation purchased (and staked) the current key claims which continue to the present and which have been significantly expanded resulting in the current land position. The Lorraine project includes a number of alkalic copper-gold prospects including Lorraine, Bishop, Too Good, Dorothy, Rhonda, Misty, Tam, Boundary, Slide, Steelhead and Mackenzie.
In 2005 Teck Resources Limited ("Teck") CA:TCK.A -1.69% CA:TCK.B -0.86% TCK -0.92% optioned the project from the predecessor companies to Lorraine Copper Corp. (Eastfield Resources Ltd. and Lysander Minerals Corp.) which merged their Lorraine interests in 2008 to form Lorraine Copper. Teck earned a 51% interest in the Lorraine project in December 2010 following the completion of $9 million dollars of exploration expenditures. Teck may increase its interest in the Lorraine project to 60% by completing a feasibility study and to 65% by arranging production financing for Lorraine Copper.
Teck, operator of the Lorraine project and 51% owner, does not currently have a program planned for this season. Lorraine Copper's management has discussed alternative options with Teck for advancing the project.
J.W. (Bill) Morton, PGeo, a qualified person for the purposes of National instrument 43-101, has read and taken responsibility for this news release.
Bill Morton, P.Geo.
CEO and Director Lorraine Copper Corp.
About Lorraine Copper
Lorraine Copper holds a 49% interest in the large Lorraine project and Teck Resources Limited holds a 51% interest with an option to take that ownership up to 60% by completing a feasibility study and to 65% by arranging production financing for Lorraine Copper. For more information please visit the Company's website at www.lorrainecopper.com .
FOR FURTHER INFORMATION REGARDING LORRAINE COPPER PLEASE CONTACT:
Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: (888) 656-6611
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Copyright 2012 ACCESSWIRE-TNW
