BHP and Centurion ink Little Bingham deal

BHP Minerals has exercised its option on the Little Bingham copper-gold property, southwest of Salt Lake City, Utah.

BHP will earn a 75% interest in the property from owner Centurion Mines (CTMC-Q) by paying all costs through a feasibility study, and making periodic payments to Centurion. After the earn-in, Centurion can maintain a working interest by funding 25% of the costs. Centurion also has the option to convert its working interest into a 15% net profits royalty.

Barry Katona, general manager for Centurion, said BHP has been aggressive in its exploration of the 12,000-acre property. The major is directing its efforts towards the discovery of a large porphyry deposit.