JOGMEC Joins Cu, Mo Exploration in Mexico

Japan Oil, Gas and Metals National Corporation (JOGMEC), an incorporated administrative agency to assist upstream activities for mineral resources and energies, announced on Thursday the agency concluded a joint exploration contract for copper and molybdenum in Tecolote district, West Mexico with Azure Minerals, Australian mining company. JOGMEC will invest total US$ 5 million for 3-year exploration and acquire 51% equity in the project as well as preferential right to purchase Azure Minerals’ right.

Tecolote district is located about 90 kilometers northwest from Hermosillo City, Sonora Province, Mexico. The district is involved in a porphyry copper and molybdenum deposit belt spread from southwestern area of the U.S.A. to northern area of Mexico. New discovery of rare metal resources is expected.