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TORONTO, ONTARIO–(Marketwire – Jan. 25, 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 Lounor Exploration Inc. (“Lounor”) (TSX VENTURE:LO) to acquire 100% of the Queylus copper gold property (the “Property”) located near the town of Chibougamau, Quebec.
Under the terms of the Purchase Agreement, Copper One will acquire 100% of the Property by paying to Lounor $23,750 in cash, issuing to Lounor 475,000 common shares of Copper One and granting to Lounor royalties ranging from 1% to 2% of the net smelter return in connection with ore extracted from certain claims comprising the Property.
In connection with the transactions contemplated under the Purchase Agreement, Copper One has entered into an agreement with SOQUEM Inc. (“SOQUEM”) whereby SOQUEM has agreed to renounce its right of first refusal over certain claims comprising the Property in consideration for Copper One paying to SOQUEM $2,500 in cash and issuing to SOQUEM 50,000 shares of Copper One.
The Purchase Agreement and the agreement providing for the renunciation by SOQUEM of its right of first refusal are subject to approval of the TSX Venture Exchange.
Benoit Moreau, President and Chief Executive Officer of Copper One, stated: “The acquisition of the Queylus Property will allow the Company to get its first exposure to the Plan Nord, which was recently announced by the Quebec government and is expected to lead to over $80 billion in investments in Northern Quebec over the next 25 years. It represents another opportunity to invest in a stable and mining friendly jurisdiction.”
The Queylus Property is located less than 10 kilometers from the town of Chibougamau, Quebec. It consists of 124 claims totalling approximately 2,000 hectares (20 km2) in the Queylus township. Access is excellent and is provided by Highway 167, which runs through the western portion of the Property.
The Property is near the Lac Doré anorthosite complex and is underlain by Proterozoïc sediments in contact with Archean granitoïds. 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 metres. 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 Property to better define the Property’s magnetic signature.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Benoit Moreau, 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 Rivière Doré 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.
About SOQUEM and Investissement Québec
SOQUEM is a wholly-owned subsidiary of Investissement Québec. Investissement Québec’s mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. Investissement Québec offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.
On behalf of the board of directors of Copper One Inc.,
Benoit Moreau, 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 Company’s intention to undertake a high resolution geophysical survey of the Property, 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 Inc. believes that their 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.
Copper One Inc.
Leo Karabelas
(416) 543-3120
[email protected]
www.copperone.com
