ASARCO to earn stake in Taseko

The Canadian unit of ASARCO (NYSE) recently signed a letter of intent allowing it to earn up to a 60% interest in the Taseko copper-gold-molybdenum property, 140 miles north of Vancouver, B.C. Under the terms of the preliminary agreement with Westpine Metals (VSE), ASARCO must complete $3.65 million of work through to 1993 and make option payments totalling $340,000. The agreement for the early stage exploration project is still subject to a formal agreement and regulatory approvals.

Westpine is owned 38.3% by Alpine Exploration (VSE), which will be project operator, and 38.3% by Westley Mines (VSE).