Our exploration strategy is focused on the discovery of world-class copper deposits.

We are developing a pipeline of future growth opportunities through our development projects and our exploration strategy, which is increasingly focused on exploring for world-class copper deposits with annual production of at least 100,000 tonnes of copper and a mine life of at least 25 years.

Our exploration strategy is two-pronged to offer the greatest potential:
• exploring within our operational areas to capitalize on existing infrastructure and to potentially extend the life of the mine and/or increase mill output.
• exploring worldwide for copper deposits that are consistent with our growth objectives

At Çayeli and Pyhäsalmi, the exploration team continues to target volcanogenic massive sulphide (VMS) deposits within trucking distance of our mills. These deposits can provide good growth opportunities for our existing operations.

In 2006, we set an objective to look for world-class copper opportunities with the potential for 100,000 tonnes of annual copper production and a mine life of over 25 years. We have increased our annual exploration budget, from approximately $7 million in 2007 to about $12 million in 2010, to help us find these opportunities. In addition to our regional offices in Vancouver (Canada) and Lima (Peru), we established three new exploration offices in 2008, in Hermosillo (Mexico), Santiago (Chile) and Rovaneimi (Finland), to accelerate our efforts in these copper producing countries.

We have been directing our activities into new areas where we believe the probability of achieving our growth objective is highest. Regarding deposit type, we believe that copper-gold and copper-molybdenum porphyry deposits, sedimentary-hosted copper deposits, skarns and iron oxide copper gold (IOCG) deposits are most likely to help us meet our growth objectives. Regarding geographical focus, we have ranked countries that offer the best potential to host these opportunities on the basis of five criteria:

• geological favourability
• quality of geodatabase
• political risk
• infrastructure
• level of competition.

Our exploration is now focused on Chile, Peru, Mexico, Finland, Australia and the U.S. Here are some examples of our exploration projects:

• In the Lapland region of Finland, we are assessing a number of properties for the potential of hosting IOCG type and sedimentary-hosted copper deposits and expect to be drill-testing a number of targets in 2010. 
• In Mexico we have, over the past two years, acquired a number of properties with potential for porphyry copper deposits under pediment cover and continue to evaluate advanced projects where we believe exploration can add significant value. 
• In Peru, several properties have been acquired that cover large-scale polymetallic skarn mineralization, porphyry and sediment hosted copper mineralization. Drilling was carried out in 2009 and will continue in 2010. 
• A number of properties in northern Chile have been acquired or are currently being negotiated that cover areas exhibiting IOCG-style deposit and porphyry copper deposit signatures. Drilling was carried out on a number of projects in 2009 and will continue.
• The Barmedman copper-gold porphyry prospect in the Lachlan Fold belt of New South Wales, Australia, is active and a first phase drill program was carried out in 2009.
• Option agreements have been signed in late 2009 on four properties in Arizona which cover porphyry copper targets. Geophysical surveys and follow-up drilling, as warranted, is planned for 2010.

Contact us:

For property submittals please email exploration

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