Alexander Mining is researching 102,000 hectares round Argentina's Leon project, to increase a claimed potential 76 million lbs of copper.

AIM-quoted Alexander, headed by abrasive former mining financier Matt Sutcliffe, sees 'big potential' in the sedimentary basin around Leon in north-western Argentina. Independent consultant A.C.Howe recently estimated a combined indicated and inferred oxide resource at Leon's El Cobre and El Pomo deposits of 75.78 million lbs of copper and 2.99 million oz of silver.

The company is carrying out a feasibility study to confirm its resource estimates at the 'JoRC ' industry standard. With £17 million in the bank, newly-appointed director Martin Rosser says it will not need to go to a full bankable study to have Leon under way.

Sutcliffe's strategy is to take projects to production as soon as possible and then go on to the next stage, rather than test Alexander's finances and investors' patience by building up extensive potential prospects first. The company, which also has interests in Peru, has meanwhile put money into Ecuador-focused Mariana Resources.

Rosser argues Argentinian authorities are keen to stimulate foreign interest in the country's natural resources, citing a £440 million potash project backed by Rio Tinto. Well qualified local people are available at much lower wage rates than in neighbouring Chile, a long-established mining country.

Floated in 2005 at 30p, Alexander's shares have fluctuated between 35.5p and 20.5p and now stand at 24p, valuing the company at £32 million. They have scope for improvement.

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