December 4, 2009, Vancouver, British Columbia: Copper One Inc., (TSX-V: CUO) ("Copper One" or "the Company") is pleased to announce that it has entered into an Exploration and Purchase Option agreement with LT Ranch LLC at the Company's 100% owned Lone Mountain copper prospect located near Silver City, New Mexico. The Lone Mountain deposit has been partially drill tested immediately to the north of the LT Ranch, where a significant deposit of secondary copper oxide mineralization was discovered in 1975. Historical drill results confirm that the oxide body delineated by previous operators continues beneath the LT Ranch property. Drilling will begin once permitting is granted, anticipated by the Company for January 2010.
Pursuant to the land access agreement, Copper One has been granted the exclusive right to conduct exploration activities on the property for a period of one year, with five renewal periods of one year each upon the payment of an annual fee. The Company has also been granted the option to purchase the LT Ranch property, exercisable during the same period.
The Lone Mountain copper deposit is located between the currently operating Chino and Tyrone copper mines of Freeport. Both mines have been in production since 1910, each processing in excess of one billion tonnes of copper ore. The Lone Mountain deposit has the same sized surface expression as the two operating mines with a definition drill target area covering 1.5 square kilometres.
Twin Peaks Property - Arizona
Permitting for the drill program at the Twin Peaks property in Arizona is complete, and anticipate drilling in January 2010. Extensive copper oxide mineralization occurs on the surface at Twin Peaks over a 4 square kilometres area.
Safford District - Arizona
In the Safford District, SP, IP, and magnetic geophysical surveys have identified anomalies over both the Safford West and Teague Springs properties. The Safford West and Teague Springs properties are 13 and 21 kilometres west, respectively, of Freeport-McMoRans' Safford Mine. The anomalies cover large multi kilometre areas and will be prepared for drill testing in mid 2010.
Dos Cabezas - Arizona
The Company also reports that it has entered into an agreement with Golden Fame (USA) Inc., under which Copper One has assigned 100% of its right, title and interest in the Dos Cabezas Property in southern Arizona for the total price of USD$150,000.
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, Mr. Patrick Highsmith, M.Sc Geo., Board Chairman, is the Qualified Person who prepared or supervised the preparation of the technical information presented in this news release.
On behalf of the board of directors of Copper One Inc.,
Patrick Highsmith M.Sc Geo
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.