Phelps Dodge drops Princess option

The Canadian unit of Phelps Dodge (PD-N) has elected not to extend its option on the Princess property in Newfoundland. The base metal project is wholly owned by Cornerstone Resources, which in turn is held by Cornerstone Capital Resources (CTP-V).

Cornerstone is investigating the possibility of raising funds to continue exploration work on its own, including trenching and drilling. The junior believes its land package shares geological similarities with rocks underlying the Keweenaw Peninsula copper district of northern Michigan.

The company also plans to carry out work on nearby properties that were not part of the Phelps Dodge option agreement.