Tag Archives: Curis Resources

Curis Resources - Florence Copper Project

Judge dismisses copper mine permit lawsuit

A judge has dismissed a lawsuit challenging the state’s decision to award a ground-water protection permit to Curis Resources for its planned copper mine in Florence.

The town of Florence, Pulte Homes and others sued last September, challenging the Department of Environmental Quality’s decision to award Curis Resources a temporary permit for testing for an underground copper peaching operation.

According to the Casa Grande Dispatch, the Feb. 16 ruling by Judge Arthur Anderson of Maricopa County Superior Court says the department acted within its authority under state law.

Curis Resources - Florence Copper Project

Florence Copper Project expands management team

Curis Resources has hired Loren H. Locher as director of public affairs to assist in the continued growth and development of Florence Copper, an in-situ copper recovery project in central Arizona.

“Loren is a wonderful addition to the Florence Copper team and we are fortunate to have someone with his experience to provide leadership for our public affairs and community relations program in Arizona,” said Bruce Marsh, senior vice president of strategic and corporate affairs for Curis Resources. “His knowledge and understanding of stakeholder outreach and relationship building, and his familiarity with Arizona communities, local governments and their needs, will significantly augment the leadership team at Florence Copper.”

Locher brings more than 15 years of experience in public and government affairs, project management and stakeholder outreach to his new role. At Curis, he will oversee community and public affairs outreach and play a key role in coordinating Florence Copper’s stakeholder relations program. Locher will also lead the development and implementation of Florence Copper’s communication strategies and supplement Curis’ ongoing engagement with local and regional regulatory authorities.

“I believe in Florence Copper’s promise, in the environmental technologies it will employ to protect water resources, and the benefits it will provide to local communities,” Locher said. “I look forward to working with the leaders and residents of the Town of Florence, Pinal County and the state of Arizona as we move into the next phase of this exciting project.”

Before joining Florence Copper, Locher served as regional director for government affairs and stakeholder outreach at the El Paso Corporation in Houston. During this time, Locher directed government and stakeholder outreach, and focused on legislative activities, political monitoring and relationship building. Prior to the El Paso Corporation, he worked for Compaq and Olympic Natural Gas. As a Phoenix resident, Locher has also served on the boards of Arizona Tax Research Association and Arizona Chamber of Commerce and Industry.

Curis Resources - Florence Copper Project

Curis Resources Reaches Deal With Red Kite For $40M Loan Facility And Copper Off-Take

Curis Resources Inc. has reached an agreement with RK Mine Finance Trust (Red Kite) on the key terms for a senior secured loan facility and copper cathode off-take agreement, which are subject to the execution of definitive agreements.

Under the terms of the loan, Red Kite will provide a US$40million loan with interest payable at LIBOR plus 8% maturing two years from date of closing.  The loan will be repayable without penalty at any time prior to maturity, with Curis Resources having a one-time option to extend the maturity date by one year under specified terms and conditions (the “Extension Option”).

The parties also contemplate that, subject to applicable laws, securities commission and stock exchange rules and regulations, Red Kite will have the right to convert the outstanding amount of the loan into shares of Curis Resources at any time prior to maturity.

Proceeds from the loan will be used to advance the development of the Phase 1 production test facility and related engineering, infrastructure and permitting related activities of the Florence Copper project located in Central Arizona, USA (the “Florence Copper Project”).

Under the terms of the off-take agreement to be signed, Curis will supply Red Kite with 25%, or if the Extension Option is exercised, 30% of the Florence Copper Project’s copper cathode production for the life of the project, once the project reaches commercial production.  The off-take agreement will be structured at market pricing.

Curis President Michael McPhie said “This term sheet is a major step forward for Curis and Florence Copper.  This strategic investment in the future of Florence Copper with Red Kite represents a key milestone towards delivering on our objective of financing this world-class next generation copper project with minimal dilution to shareholders.

“A significant percentage of the US$40million investment will be utilized for contractors and vendors in Pinal County and greater Arizona over the next 18 months, providing the opportunity for new jobs and further spurring Florence Copper’s impact on the local economy.”

About at Curis:

Curis Resources (Arizona) Inc. is a wholly-owned subsidiary of Curis Resources Ltd., a mineral development company associated with Hunter Dickinson Inc. (HDI), a diversified global mining company with a 25-year history of mineral development success.  Curis is focused on the acquisition, development and operation of high-quality next-generation copper properties in progressive jurisdictionsaround the world.  It is currently focused on advancing its 100%-owned Florence Copper project in Arizona USA to near-term production.

Feasibility level optimization and design studies for Florence Copper are progressing. Phase 1 development is scheduled to be constructed beginning in Q3 of 2012, following the receipt of amended operating permits currently under review by State and Federal agencies. This project “start-up” phase will consist of an initial 24-well copper extraction field constructed to simulate full scale operations and a state-of-the-art Solvent Extraction/Electrowinning (SX/EW) facility that will produce LME grade pure copper cathode.