October 28, 2010, Vancouver, BC: Copper One Inc. (TSXV: CUO) (the "Company" or "Copper One") is pleased to announce that it has signed a Letter of Intent ("LOI") with Cartier Resources Inc. (TSXV: ECR) ("Cartier") to acquire up to a 75% equity interest in its Rivière Doré Copper Nickel property (the "Property"), located near the town of Val- d'Or, Quebec. The 460 square kilometer project area covers an 80 kilometre long newly discovered mafic layered intrusive complex containing net textured and copper - nickel bearing semi-massive sulphides.
Subject to customary conditions and legal, technical and business due diligence, both parties have agreed to work towards signing a definitive Earn-In Option Agreement on or before January 15th 2011.
Under the terms of the non-binding LOI, Copper One will earn 51% interest in the Property by funding $5 million of exploration expenditures by December 31, 2015, including $750,000 in Year 1, and by paying $250,000 cash and issuing 350,000 common shares of Copper One to Cartier. Copper One can earn an additional 24% in the Property, for an aggregate total interest of 75%, by completing a definitive feasibility study or by making further expenditures of $20,000,000.
The Rivière Doré Property includes over 46,000 hectares of Quebec provincial mineral claims that cover the basal section of an underexplored layered mafic igneous complex. Copper and nickel mineralization has been discovered in outcrop and glacial boulders in several areas. A highlight of Cartier's first phase of sampling is a diamond saw channel cut averaging more than 1% copper over 6 metres.
A recent Hydro Quebec project and current timbering activities have opened access to this previously remote, poorly explored area that was first defined by an 82 kilometre long airborne magnetic anomaly in Quebec provincial data. Cartier staked the claims in 2009 based on a till sampling and follow-up program that preceded a Quebec government report detailing copper anomalies in lake sediment sampling in the area.
"Copper One is pleased to join Cartier in the exploration of the Rivière Doré Property, a large and underexplored layered mafic complex with demonstrated copper and nickel mineralization. The net-textured and semi-massive sulfides in cumulate mafic rocks identified by early sampling are consistent with major copper-nickel sulphide districts." commented Alan Edwards, President and CEO of Copper One.
"Together with Cartier, upon earning our interest in the Property, we will control a district-scale land position that we believe covers all the most prospective parts of the mafic complex. Cartier is an ideal partner; they are well established in the area with a strong team and committed, field-oriented expertise. Quebec has a long tradition of being one of the leading jurisdictions in the world for exploration investments; and the 42% exploration tax credit offered in Quebec enables us to extract more value per dollar invested." commented Alan Edwards.
Cartier will manage the exploration program during the initial option period. After the first year of the option Copper One may elect to operate the project. If it so elects, Copper One will make an annual cash payment to Cartier of $50,000. The proposed agreement contemplates that once Copper One has vested at 51%, a joint venture will be formed. The parties would now work expeditiously to complete and execute a definitive Earn-In Option Agreement.
A project finder's fee is payable to Axemen Resource Capital, an Exempt Market Dealer.
About Cartier Resources
Cartier Resources Inc. is an exploration company focused on gold and currently holds significant land holdings in the prolific Abitibi Gold Belt in Quebec. The Company's portfolio of properties consists of wholly-owned projects which are managed by a team of geologists who have a proven track record of making significant discoveries.
Quality Assurance/Quality Control
The Rivière Doré exploration program has been conducted under the supervision of Mr. Philippe Berthelot, P. Geo., qualified person as defined by National Instrument 43-101. Cartier has implemented and adheres to a strict Quality Assurance/Quality Control program which includes mineralized standards and blanks for each batch of samples. Assay samples are taken from drill core sawed in half with one half sent to a commercial laboratory and the other half retained for future reference. Analyses are either performed by Techni-lab S.G.B. Abitibi inc. in Sainte-Germaine, Quebec, or by ALS-Chemex in Val-d'Or, Quebec, both accredited laboratories.
The technical information in this news release has been reviewed and approved by Thomas R. Kilbey, Copper One's Vice President - Exploration, a certified professional geologist and a qualified person as defined by National Instrument 43-101.
About Copper One
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. Copper One also holds a significant portfolio of copper properties in the prolific copper- producing regions of Arizona and New Mexico, including its flagship Lone Mountain copper oxide project which is currently in the permitting process for a major drill program anticipated in 2011.
For more information about Copper One Inc., please visit: www.copperone.com.
On behalf of the board of directors of Copper One Inc.,
Alan Edwards, B.Sc Mn Eng, MBA
President, CEO & Director
FOR MORE INFORMATION, PLEASE CONTACT:
Copper One Inc. www.copperone.com
FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, the continued advancement of the company's general business development, 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.