Mitsui Mining & Smelting and Itochu Decide Additional Investment in Ruddock Creek

Mitsui Mining & Smelting and Itochu Corporation cooperatively announced on Thursday successful drill results for Ruddock Creek zinc lead joint exploration project in Canada. The companies have participated in the project since 2010. The drill results for 2010-2011 confirmed additional mineral resource at more than 6 million tonnes, 162% higher than the previously estimated volume. The companies identified total 10 million tonnes of mineral resource at Ruddock Creek.

Based upon the drill results, the companies decided to continue exploration in 2012. Mitsui Mining & Smelting and Itochu will invest additional drilling cost at C$ 6 million (approximately 500 million yen) and acquire additional 15% interest in Ruddock Creek property from Imperial Metals Corporation.

The project is located in British Columbia, Canada, approximately 400 km northeast from Vancouver. The project area is approximately 110 square kilometers. Minable reserve is more than 10 million tonnes. The products are zinc concentrate and lead concentrate at total approximately 50,000 tonnes per year on metal basis. Imperial Metals holds 50% shares in the project while Mitsui Mining & Smelting has 30% shares and Itochu 20%, after acquiring 15% additional interests.