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Additional Information
Market: CNSX
Sector: General Mining
EPIC: FE
Cuervo Resources Inc.
www.cuervoresources.com

Cuervo Resources Inc.is a public Canadian exploration company that completed an initial public offering on May 30, 2007. The company has acquired and is drilling properties prospective for iron ore in Perú through its Peruvian subsidiary Minera Cuervo S.A.C. Cuervo Resources Inc. is listed on the Canadian National Stock Exchange (CNSX) under the symbol FE. The company also trades on the Frankfurt Exchange under the symbol CRR.

Full Cuervo Resources Inc. profile here
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Cuervo Resources closes C$0.35 mln fundraising, seeking JV partner for Cerro Ccopane Iron Ore Project

17th Dec 2009, 2:38 pm
Cuervo Resources closes C$0.35 mln fundraising, seeking JV partner for Cerro Ccopane Iron Ore Project

Cuervo Resources (CNSX: FE, FWB: CRR) said it has closed the equity financing of C$350,000 through a non-brokered private placement to fund the company’s iron ore exploration projects in Peru and provide more working capital for the company.

The move was announced last week.

Cuervo issued 1 million units at C$0.35 per unit. Each unit consists of one share in the company and one full warrant with a conversion price of C$0.55. The warrants can be executed within 18 months of the closing of the financing, and can be accelerated if the company’s share price reaches or exceeds C$1.10 for a period of 10 consecutive trading days at any time in the six months after the closing, which is set for 15 December this year.

The company is actively seeking a joint venture partner to advance its Cerro Ccopane Iron Ore project in the Cusco area of southern Peru. One of the six zones identified at Cerro Ccopane, Orcopura, has a measured and indicated resource of 56 Mt (million tonnes) grading 46.7% Fe (iron) and 51 Mt grading 43.7% Fe in the inferred category. However, gravity and geophysical testing and modelling on five of the six identified zones have indicated the potential for a substantially larger 2.65 billion tonnes of iron ore.

An independent transportation study carried out earlier this year concluded that transporting ore from Cerro Ccopane to a Pacific tidewater port on Peru’s coast via a dedicated pipeline or rail was feasible and did not entail unique logistical challenges. The report considered either a 5 million tonnes per annum (mtpa), 10 mtpa or 20mtpa project over a 20 year mine life.

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