Freeport Data Bank
The principals of AVEN Associates LLC negotiated an Agreement with Freeport-McMoRan Copper and Gold Company giving AVEN exclusive control of the exploration files accumulated by Freeport and its subsidiaries since 1907. There are 7,000 exploration files, each containing data on between one and ten projects worldwide. These are available for review by the AVEN team searching for references to mineral occurrences with previously unrecognised potential.
The AVEN - Freeport-McMoRan agreement is in effect until 30th June 2009. The Agreement gives Freeport-McMoRan a one-time option at the time of reserve announcement and/or when target goes into 'formal feasibility' to become an equity partner with a participating interest of up to a 25% by paying two times the incurred exploration costs in proportion to the interest acquired.
A review of the Freeport-McMoRan files, essentially an inexpensive reconnaissance of many prospects, is currently underway with approximately 75% of the files examined to date. These files have been and continue to be examined in an attempt to identify targets which may now be made viable by application of new metallurgy, advances in geologic concepts, changes in metal prices or other technology advances. The collection, which consists of both hard-copies and microfilms, includes at least the following number of individual prospects and reconnaissance areas:
USA 4689
Mexico 505
Canada 1230
South America 300
Central America 100
Australia 200
Rest of the World 285
The Freeport McMoRan Data Bank is solely an information database and no mineral rights were included.