Oracle Mining subsidiary signs MoU for US copper mine development

11 July 2012 (Last Updated July 11th, 2012 18:30)

Canada-based Oracle Mining Corp’s subsidiary Oracle Ridge Mining (ORM) has signed a memorandum of understanding (MoU) with Pima County for the development of the Oracle Ridge Copper Mine located in Arizona, US.

Canada-based Oracle Mining Corp's subsidiary Oracle Ridge Mining (ORM) has signed a memorandum of understanding (MoU) with Pima County for the development of the Oracle Ridge Copper Mine located in Arizona, US.

ORM's proposal to re-open the Oracle Ridge Copper Mine was approved by the Pima County Board of Supervisors, which also approved the MoU between Pima County and ORM.

Oracle Mining Corp CEO Doug Nicholson said, "Pima County is a key partner in the return of the mine into operation, and we are pleased to formalise our established, cooperative approach through the signing of an MoU on the Oracle Ridge Copper Mine project."

Under the terms of the agreement, Oracle Mining said it will minimise potential impacts of the project on the environment by complying with the 'highest' environmental and technological standards.

The company also intends to exchange approximately 133 acres of private land for certain county land that lies between the mine site and the tailings facility.

It also plans to provide at least 300 additional acres of land to the county as mitigation for potential impacts related to operation of the project.