Copper Development Corporation (LON:CDC) has invested a further C$617,981 in Crazy Horse Resources (CVE:CZH) as part of a share placing to maintain its 11.8 percent shareholding in the company. It is buying 823,975 new shares in the company at C$0.75 a share. CDC will then hold about 7.5 million shares in Crazy Horse, which represents 11.8 percent of the company. Crazy Horse has agreed a C$4.6 million private placing with an institutional investor, and under the terms of a previous share subscription CDC had the opportunity to buy additional shares so it can maintain its percentage stake in the company. "We are pleased to have the opportunity to maintain the interest of our strategic investment in Crazy Horse Resources,” said chairman Mitch Alland. “We believe the investment offers shareholders significant upside potential from both the Taysan project and further increases in copper and gold prices." The Canadian company is developing the Taysan project, in the Philippines, which is expected to produce 3.1 billion pounds of copper and 1.5 million ounces of gold over a 24 year mine life once it is up and running. An NI43-101 scoping study has valued Taysan at US$526 million, assuming metal prices of US$3 per pound (/lb) copper and US$1,000 an ounce of gold. Crazy Horse said that the new funding will help it complete the resource and site investigation drilling needed for a bankable feasibility study. The drill programme will be completed during the rest of 2011. The cash will also be used to pay pre-feasibility study costs and the remaining working capital requirement for 2011.

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