Breakaway Resources says the strong outlook for copper has kick-started exploration around the recently re-opened Eloise copper mine in north-west Queensland.
West Perth-based Breakaway, which has a 30 per cent interest in the mine, owned by mining investments group FMR Investments, said mining contractor Barminco had mobilised to site and recommenced mining operations.
The Eloise copper mine had been in care and maintenance since December 2008.
"The re-opening of Eloise coupled with strong copper prices and the robust outlook for the copper market provides significant impetus to "kick start" forthcoming copper exploration programs on Breakaway's 100 per cent-owned Eloise Exploration Project, which lies adjacent to the mine," Breakaway told the ASX in a statement today.
"Breakaway is now preparing to commence ground-based follow up of the targets in early 2011 after the northern wet season ahead of likely geophysics and drill testing in the June and September Quarters of 2011."
The copper exploration programme at Eloise will run in parallel with Breakaway's recently announced nickel exploration campaign in Western Australia.
The exploration will be funded by the proceeds of Breakaway's $3.8 million share purchase plan, which was completed in November.
