Asarco Arizona lode mining claims sale approved

By Caroline Salls

Pittsburgh, Feb. 3 - Asarco LLC obtained court approval sale of some of its patented and unpatented lode mining claims located in Santa Cruz, Ariz., to Arizona Minerals, Inc., according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

Under the purchase agreement, Arizona Minerals will pay $3.75 million in cash and execute a $4.5 million promissory note on the closing date.

Arizona Minerals has paid a $250,000 deposit.

Asarco, a Tucson, Ariz., mining company, filed for bankruptcy Aug. 9, 2005. Its Chapter 11 case number is 05-21207.

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