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CopperBank adds to board

North America-focused explorer CopperBank Resources (CSE:CBK) has closed its takeover of Redhawk Resources and appointed finance expert Steve Bastable to its board.
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CopperBank is banking on copper prices to climb and make its large, low-grade projects economic

Staff reporter

Bastable was on the Redhawk board and is a former director of institutional equities with CIBC.

CopperBank announced the takeover in June, in a share-swap that has seen 25% of its equity (66 million shares) go to Redhawk shareholders, with a cash value of C$4.3 million (US$3.29 million).

The deal brings the Copper Creek project in Arizona into CopperBank's portfolio.

A 2013 PEA for the project put its estimated annual copper production at 55,000 tonnes per annum, at a cost of US$3,800 per tonne, with the capital cost of the underground mine US$857 million.