NEWS ROUNDUP — Starmin, Hellens deal with Falconbridge

A letter of intent to explore for massive sulphides near the town of Cobalt, Ont., has been signed by project partners Starmin Mining (TSE) and Hellens Eplett Mining with Falconbridge.

Falconbridge may earn up to a 75% interest in the 26-claim property by spending $1.5 million on exploration work and making cash payments totalling $145,000 during a 5-year period. Falconbridge is scheduled to complete its due diligence by July 31.

Hellens Mining is owned 50% by Starmin and 50% by International Platinum (TSE).

Starmin says geologists encountered massive copper-zinc mineralization in underground workings on the property in the mid-1980s. Limited underground drilling intersected encouraging copper and zinc values with silver and gold credits.