Vancouver, B.C., January 19, 2010, Copper One Inc. ("Copper One"; TSX-V: CUO) is pleased to announce that drilling has commenced on its Lone Mountain porphyry copper prospect, located close to the Chino and Tyrone copper mines owned and operated by Freeport-McMoran Copper and Gold Inc. This drilling has the potential to help refine and expand the potential 110 to 160 million ton resource as detailed in the Company's February 27, 2009 press release.
The Lone Mountain target is a broad oxide copper blanket which caps a large tonnage porphyry copper and copper-zinc skarn system that has been confirmed by historical drilling over an approximate 1.2 x 1.8 kilometers area and to a depth of up to 1,000 meters below surface. Together, these copper facies (both the shallow oxide and deeper sulphide systems) have received more than 80,000 feet (25,000 meters) of historic drilling in 48 holes.
The oxide copper mineralization is amenable to lower-cost SX-EW (solvent extraction- electrowinning) processing.
The Lone Mountain copper prospect is strategically located between the two operating copper mines, which have both been in production since 1910 and have processed more than one billion tonnes of copper ore.
The Company has recently finalized an agreement with the surface rights holders of a large section of land which covers the potential southern extension of the already- defined, near-surface oxide mineralization. This will allow Copper One to test the complete extent of the oxide mineralization associated with the Lone Mountain prospect once all drill permits are in place.
The Company also wishes to announce that it has granted 700,000 incentive stock options to a director and consultants. The options are exercisable at $0.55 per share and will expire on January 15, 2015.
About Copper One Inc.
Copper One Inc. holds a significant portfolio of copper properties in one of the world's most prolific copper-producing regions, in Arizona and New Mexico. This area hosts some of the world's largest and most profitable copper deposits and as a group, contain over 10% of the world's copper production. Copper One Inc. is focused on the discovery of copper resources which are suitable for leaching. Lone Mountain, the company's feature property, is within sight of the large Tyrone and Chino porphyry copper deposits owned by Freeport-McMoRan.
In compliance with National Instrument 43-101, Dr. Lawrence Dick, Ph. D., P. Geo., is the Qualified Person responsible for the accuracy of this news release.
On behalf of the board of directors of Copper One Inc.,
Alan Edwards, B.Sc Mn Eng, MBA
President, CEO & Director
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. In this news release, the statements regarding the Company's planned drilling program at the Lone Mountain property in New Mexico are forward-looking statements, and whether the planned work program takes place as described may be affected by numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither 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.