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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 raises C$0.7m to advance Cerro Ccopane iron ore project

23rd Apr 2010, 11:06 am
Cuervo Resources raises C$0.7m to advance Cerro Ccopane iron ore project

Cuervo Resources (CNSX: FE, FWB: CRR) has raised C$0.7 million through a private placement to advance its Cerro Ccopane iron ore exploration project in Peru, where it is preparing to conduct a diamond drilling program to test the known billion tonne potential geophysical targets.

The company will issue 2 million units valued at C$0.35 each and consisting of one share in the company and one warrant entitling the holder to buy one share for C$0.55 for a period of 18 months after 17 May 2010, when the financing will close.

If Cuervo’s closing share price stays above C$1.10 for a period of 10 consecutive days within six months after the closing of the financing, the company will have the right to bring forward the expiry date of the warrants.

The planned work program in Peru will include extending the existing geophysical surveys and environmental permitting to prepare for the diamond drilling of the targets. The company said that the work program will improve its chances to secure a JV (joint venture) partner for Cerro Ccopane, which is located in the Cusco area of southern Peru.

Finding a partner will help the company fund the planned drilling program with an estimated cost of US$40 million to explore two major target zones at the property.

An NI43-101-compliant resource estimate for the Orcopura zone of mineralization currently stands at 56 Mt (million tonnes) grading 46% iron in the measured and indicated categories, while a further 51 Mt grading 43% iron is reported to be present in the Inferred category. Orcopura is only one of six known zones at the property, which is believed to have the potential to contain up to 2 billion tonnes of iron ore.

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