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Lorraine cancels acquisition of Teck's 51% interest in copper JV

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Lorraine cancels acquisition of Teck's 51% interest in copper JV

LorraineCopper Corp. and TeckResources Ltd. terminated their late-2015 agreement allowing49%-owner Lorraine to acquire Teck's 51% joint venture interest in theLorraine copperproject in British Columbia.

The companies may give the joint venture a new direction,according to the May 4 statement.

Concurrently, Lorraine has decided to expand operations andentered an agreement to acquire a 40% interest in the Okeover porphyry copperproject located in Powell River, British Columbia.

The company is in talks for acquiring the remaining 60% stakein Okeover.