July 5, 2012 (Investorideas.com Mining stocks newswire) - eResearch Corp reports Anglo-Canadian's (TSX-V: URA) Princeton property is located next to Copper Mountain's $2.71 million Super Pit in southern British Columbia. Princeton could host a sizeable copper mineralization. Recent drilling results confirm this: 73% of the 22 holes drilled Average Daily Volume at Princeton brought significant copper grades over long intervals. Based on the 50-day: 31,900 results, we estimate the property's resource at around 500 Mlb of copper.
Moreover, the minerals found at Princeton provide higher grade copper Year-End concentrate as compared to minerals which Copper Mountain is, in particular, currently mining. Given the size and the quality of the mineralization at Princeton, we believe that Copper Mountain could be interested in acquiring Book Value Per Share Anglo-Canadian's property.
Anglo-Canadian should continue drilling Princeton this year and then obtain a Cash Per Share NI 43-101 resource estimate. Economic studies should follow in 2013-2014. We expect that the Company will try to interest Copper Mountain in Princeton after that. Our estimate for Princeton's future target purchase price is $31 million, or eResearch Analysts: $0.46 per share ($0.33 per share present value).
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