Avrupa Minerals Ltd. (TSX VENTURE:AVU)(FRANKFURT: 8AM) is pleased to announce that its JV partner, Antofagasta Minerals S.A. ("Antofagasta"), a wholly-owned subsidiary of Antofagasta plc, has earned in to 51% of the Alvalade copper project in southern Portugal pursuant to the Option Agreement dated December 22, 2011 by spending US$4,300,000.
Antofagasta has, at present, the option to further acquire an additional 24% interest (for an aggregate 75% interest) of the Alvalade copper project by preparing, funding and delivering a Feasibility Study on the property on or before December 1, 2018.
Paul W. Kuhn, President and CEO of Avrupa, commented, "The vote of confidence by Antofagasta on the Alvalade project is welcomed. Antofagasta has already forwarded funding for the next stage of drilling along the Neves Corvo trend, one of four potential mineral belts that make up the Iberian Pyrite Belt in Portugal. Continued improvement of our understanding of the geological and structural aspects of our target areas is leading to new possibilities along all four mineral belts.
Antofagasta plc is listed on the London Stock Exchange, is a constituent of the FTSE-100 Index, and has significant mining interests in Chile. Antofagasta plc operates four copper mines: Los Pelambres, Esperanza, El Tesoro and Michilla. Total production in 2012 was 709,600 tonnes of copper, 12,200 tonnes of molybdenum and 299,900 ounces of gold. Antofagasta plc also has exploration, evaluation and/or feasibility programs in North America, Latin America, Europe, Asia, Australia and Africa.