SW Tintic Project, Utah (Copper)
The SW Tintic Copper Project in an under-explored district with ‘Resolution-style´ potential. Located 60 miles south of Salt Lake City it is the second most important mining district in Utah and ranks third in a list of the top ten historic silver producing districts in the U.S. Approximately 285 million ounces of silver, 2.8 million ounces of gold and lesser amounts of base metals were mined from carbonate replacement deposits and mantos.
In May 2009, Quaterra signed an earn-in agreement with Freeport-McMoRan Exploration Corporation of Phoenix, Arizona ("FMEC"), in respect of the Tintic project. In the terms of the agreement, Freeport has the exclusive right and option to acquire a 70% ownership interest in the Tintic project by making staged exploration expenditures on behalf of the Company totaling US$4.725 million by August 29, 2013.
