Chase amends option on Philippine company

An option to acquire a 59.9% interest in the Philippine company Taysan Copper has been amended to the benefit of Chase Resource (TSE).

The amendment extends to May, 1997, the deadline for the final purchase payment on a 54.9% interest. The previous deadline was May, 1995. The exercise price in May, 1997, is set at US$2.9 million and Chase will also be required to pay the following: US$50,000 before May, 1994; US$75,000 before May, 1995; and US$100,000 before May, 1996.

Its option over a further 5% in Taysan Copper has also been amended. This interest can be acquired by paying the exercise price of US$275,000 by July, 1997, plus: US$10,000 before July, 1994; US$15,000 by July, 1995; and US$20,000 by July, 1996.

The company is negotiating similar deadline extensions on its options over a further 2.6% and 7.5% interest in the shares of Taysan Copper. If it exercises all its options, Chase will hold 70% of the Philippine company. Taysan Copper owns the Taysan copper-gold project, which contains about 600 million tons grading 0.3% copper and 0.01 oz. gold per ton.