TORONTO, ONTARIO--(Marketwire - Aug. 7, 2012) - Copper One Inc. (TSX VENTURE:CUO) (the "Company" or "Copper One") is pleased to announce that it has completed the acquisition (the "Acquisition") from Lounor Exploration Inc. ("Lounor") of 100% of the Queylus copper-gold property (the "Property") located near Chibougamau, Quebec (see the news release issued by Copper One on January 25, 2012).
Copper One has paid to Lounor $23,750 in cash, issued to Lounor 475,000 common shares of the Company and granted 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 Acquisition, SOQUEM Inc. ("SOQUEM") has renounced 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.
Benoit Moreau, President and Chief Executive Officer of Copper One, stated: "We intend to move forward quickly on Queylus by doing detailed ground geophysics on promising areas to define drilling targets which we expect to complete in August, and a 3,000 to 4,000 meter diamond drilling program, expected to begin in October and complete by the end of this year."
The Property 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.
It is located 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.
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 newest additions to the Company's portfolio are the Rivière Doré copper-nickel project, located near Val d'Or, Quebec, and the Queylus copper-gold project, in the Chibougamau mining district also in Quebec. Copper One has six other properties in the Arizona/New Mexico copper mining districts, including the Lone Mountain copper-oxide project. 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.
For more information about Copper One Inc., please visit: www.copperone.com.
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 and the Company's exploration plans with respect to the Property. 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 our filings made with Canadian Securities Regulators.
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