TORONTO, ONTARIO--(Marketwired - July 29, 2013) - Copper One Inc. (TSX VENTURE:CUO) ("Copper One" or the "Company") has entered into a definitive agreement (the "Agreement") to sell all of the shares of its wholly-owned subsidiary, Copper One USA, Inc. ("Copper One USA"), to Cornerstone Metals Inc. ("Cornerstone"). Copper One USA owns the Lone Mountain and Mimbres properties in New Mexico and the West Jerome, Twin Peaks, West Safford and Teague Springs properties in Arizona.
Under the terms of the Agreement, Copper One will receive 2,250,000 Cornerstone common shares on the closing date of the sale, plus the following additional consideration tied to specific properties:
750,000 of the 2,250,000 Cornerstone shares issued to Copper One on the closing date of the sale will be subject to a voluntary 12-month hold period.
The Agreement remains subject to certain customary closing conditions, including the approval of the TSX Venture Exchange.
Benoit Moreau, President and Chief Executive Officer of Copper One stated: "After selling its assets in the United States, Copper One will focus on advancing the Rivière Doré copper-nickel and Queylus copper-gold projects. Copper One thanks all of the contractors, consultants and employees who assisted the Company with exploring and developing its properties in the United States."
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 Copper One portfolio includes 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.
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 Company's exploration and development prospects. 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 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 the Company's filings made with Canadian Securities Regulators. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
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