TORONTO, ONTARIO--(Marketwire - Feb. 8, 2012) - Copper One Inc. (TSX VENTURE:CUO) (the "Company" or "Copper One") is pleased to announce that it has signed a purchase agreement (the "Purchase Agreement") with Diagnos Inc. ("Diagnos") to acquire a 100% interest in 56 claims (the "Claims") contiguous to the Queylus copper gold property located near the town of Chibougamau, Quebec. On January 25, 2012, Copper One entered into an agreement with Lounor Exploration Inc. ("Lounor") to acquire 100% of the Queylus property (see the news release issued by Copper One on January 25, 2012).
Under the terms of the Purchase Agreement, Copper One will acquire 100% of the Claims by paying to Diagnos $10,000 in cash, issuing to Diagnos 175,000 common shares of Copper One and granting to Diagnos a royalty of 2% of the net smelter return in connection with ores and concentrates extracted from the property underlying the Claims. The Purchase Agreement provides that Copper One has the right to reduce such royalty from 2% to 1% at any time by paying to Diagnos $1,000,000 in cash.
The Purchase Agreement is subject to approval of the TSX Venture Exchange.
, President and Chief Executive Officer of Copper One, stated: "The acquisition of these claims will expand the Queylus property from 124 to 180 claims and to comprise the entire tonalitic intrusion that may be related to the historical copper gold intercepts on the Queylus property."
The Queylus property is located less than 10 kilometers from the town of Chibougamau, Quebec. Upon closing of the Purchase Agreement and the purchase agreement with Lounor, the Queylus property will consist of 180 claims totalling approximately 2,880 hectares (29 km2) in the Obalski and Queylus townships. Access is excellent and is provided by Highway 167, which runs through the western portion of the property.
The Queylus property is near the Lac Dore anorthosite complex and is underlain by Proterozoic sediments in contact with Archean granitoids. The best historical diamond drill hole on the property, reported by Lounor in 1996 and 1997, intersected 0.5% copper and 0.18 g/t gold over 52.4 meters. Copper One has not yet done sufficient work to verify this historic data and does not intend to use this information for purposes other than planning and prioritizing exploration targets.
Copper One intends to undertake soon a high resolution airborne geophysical survey that will include magnetic and electromagnetic coverage over the entire Queylus property to better define its magnetic signature.
The scientific and technical information in this news release has been reviewed and approved by
, Copper One's President and CEO, a professional engineer and a qualified person as defined by National Instrument 43-101.
About Copper One Inc.
Copper One is focused on developing high-value copper deposits in leading mining jurisdictions. The Company is led by a diverse team of explorers, developers and operators with major company experience and a clear understanding of the business of mining. The newest additions to Copper One's portfolio are the Riviere Dore copper-nickel project, located near Val d'Or, Quebec, and the Queylus copper-gold project, located in the Chibougamau mining district in Quebec. Copper One has six other properties which are located in the Arizona and New Mexico copper mining districts, including the Lone Mountain copper oxide project.
For more information about Copper One Inc., please visit: www.copperone.com.
On behalf of the board of directors of Copper One Inc.,
, President & Chief Executive Officer
FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, statements with respect to the impact of the acquisition on the Company, the closing of the Purchase Agreement and the purchase agreement entered into between Copper One and Lounor, the continued advancement of the Company's general business and research development and the Company's development of mineral exploration projects. When used in this document, the words "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "plan", "should" and similar expressions may identify forward-looking statements. Although Copper One believes that its expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statement. Important factors that could cause actual results to differ from these forward-looking statements include the potential that fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our filings made with Canadian Securities Regulators.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Copper One Inc.
Copper One Inc.
Source: Copper One Inc.