Imperial X and Alianza Minerals team up to explore for copper deposits in the US

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Imperial X PLC (LON:CDL) and Alianza Minerals Ltd (TSX-V:ANZ) have formed a strategic alliance, the Southern US Copper Exploration Alliance, to explore for copper deposits in the US.

The alliance will focus on the identification, acquisition and advancement of copper projects in Arizona, Colorado, New Mexico and Utah. The two companies intend to find a partner to develop the projects further.

Alianza and Imperial X, soon to be renamed Cloudbreak Discovery PLC, expect to make project acquisitions for the alliance and to start exploration work imminently.

Under the terms of the alliance, the companies will each hold a 50% interest in any project, but funding of the initial acquisition and any preliminary work programmes will be funded 40% by the introducing partner and 60% by the other party.

The initial term of the alliance is two years and it can be extended for an additional two years.

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