LONDON, Feb 16, 2012 (Dow Jones) -- Copper Development Corporation (CDC.LN), said Thursday that its strategy is now to focus on the Basay Project and, consequently, plans to pursue a trade sale or joint venture of the Hinoba-an Project following the issuance shortly of a comprehensive technical report on the project.
-Continuing drill results at the Basay Project are showing long, high-grade intersections that, together with magnetic and induced polarization ground surveys, increasingly support the structural model for the continuity of mineralization in the deposits and the potential for Basay to develop into a major world class copper project.
-The company's change in strategy is also being made in response to recent interest in Basay shown by several international mining companies.
-The company believes that directing its technical and financial resources to the Basay project going forward, in light of its potential to be a world class copper project, will accelerate its potential development and maximize value for shareholders.
-Shares closed Wednesday at 28 pence, valuing the company at GBP60.56 million.