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Teck unit secures 60% earn-in option in Revelo's copper property in Chile

Teck Resources Ltd. subsidiary Teck Resources Chile Ltda. secured an option to acquire up to a 60% interest in a 1,500-hectare portion of the Cerro Buenos Aires copper property in northern Chile from Revelo Resources Corp.

Under the four-year option, Teck is required to pay US$425,000, and spend US$4.8 million on exploration, Revelo said May 29.

Revelo can then choose to form a joint venture on the project, or convert its 40% interest to a 1.5% net smelter return royalty. Teck can buy back one third of the royalty at any time for US$2 million.

The Cerro Buenos Aires property covers a total of about 7,600 hectares comprising exploration as well as mining concessions.