Mining News May 6, 2009

Judge Now Delays ASARCO Decision

A. U.S. Bankruptcy Judge in Corpus Christi, Texas, has decided to wait until May 15th before a final decision is made on the latest Chapter11 reorganization plan submitted by ASARCO to sell itself to Sterlite Industries of India for $1.7 billion.($1.1 cash and $600 million in notes.) Grupo Mexico has indicated it will submit its plan by May 15 Grupo is said to be asking for a creditor's vote on its proposal to pay $1.3 billion in cash to take back control of the ASARCO mines in Arizona and its refinery at El Paso, Texas.

Monies/Awards for Freeport Execs Down

Richard Adkerson, Chief Executive Offi cer for Freeport Mc- MoRan Copper and Gold Inc received a total compensation of $33.4 million in 2008 compared to $74.1 million a year earlier according to information filed with the U.S. Securities and Exchange Commission. Adkerson's pay for 2008 included $2.5 million in base salary. It was also reported Adkerson received $10.7 million in stock awards for the year, some $11.9 million in options, a $5.million change in pension value and deferred compensation. In addition, he reportedly received some $3.2 million in other benefi ts. Freeport's Chairman James Moffett's pay in 2008 was $25.4 million down from $16.9 million in 2007. Moffett according to the statement to the SEC declined any incentive awards.

22 New Drill Sites East of Superior, by Ted Lake

Officials of Resolution Copper have outlined their future mining exploration plans involving Tonto National Forest Lands, east of the Town of Superior. The company is proposing the following: (a) To initiate five exploration drill sites impacting 1.14 acres and directional drilling operations at these sites. (b) Developing eight drill sites to accommodate a total of three deep and six shallow groundwater 22 New Drill Sites East of Superior, testing and monitoring wells, involving some 1.78 acres of Tonto Forest lands. (c) To construct nine drill sites impacting approximately 1.8 acres to accommodate a total of nine geotechnical characterization boreholes. (d) Continuation of exploratory and monitoring activities at previously authorized drill sites involving some 3.02 acres. (e) Complete necessary roadway improvements on approximately 16.97 miles of existing roads impacting 0.55 acres. (f) Building 0.33 mile of new roads impacting 0.55 acres. (g) Resolution Copper says it will continue with ongoing road maintenance to maintain access to drill sites. The above information has been listed in Resolution Copper's Plan of Operations for Pre- Feasiblity Activities which has now been submitted to the Tonto National Forest Offices at 2324 East McDowell Road in Phoenix 85006 ( 602-225-5295 ). Officials of the Forest Service are seeking public comments on the Environment Assessment of Resolution's proposals through April 30.