Vancouver, B.C., January 18, 2011, Copper One Inc. (TSXV: CUO) (the "Company" or "Copper One") is pleased to report that, subsequent to the Letter of Intent announced on October 28, 2010, it has signed the formal Option and Joint Venture Agreement (the "Agreement") with Cartier Resources Inc. (TSXV: ECR) ("Cartier") to explore and develop the Riviere Dore Copper Nickel property (the "Property") in Quebec. Copper One can acquire up to a 75% equity interest in the Property, located southeast of the town of Val- d'Or, Quebec. The 52,400 hectare project area covers an 80 kilometer long newly discovered layered mafic intrusive complex from which Copper One and Cartier have recently reported numerous copper and nickel showings, including net textured copper-nickel sulfides in pyroxenite.
Under the terms of the agreement, Copper One has the right to earn a 51% interest in the Property by funding $5 million of exploration expenditures (including $750,000 in committed expenditures in Year 1), paying $250,000 cash and issuing 350,000 common shares of Copper One to Cartier by December 31, 2015. Copper One can earn an additional 24% interest 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.
Copper One and Cartier are completing plans for an aggressive exploration plan focused on initiating drilling on the vast, underexplored property during the second quarter of 2011.
A finder's fee is payable to Axemen Resource Capital, an Exempt Market Dealer, on the project acquisition.
Addition to Technical Team
The Company has also expanded its consulting technical team to provide expert guidance on the Rivière Dore Cu-Ni Project. Dr. Robert Brozdowksi will be a lead technical advisor on the exploration program. Dr. Brozdowksi has more than 25 years experience in mineral exploration, including a specialty in copper-nickel sulfide deposits. He has worked for numerous companies over that time including Western Mining, Gold Fields Exploration, Metals Mining Group (MMG), and the Ivanhoe Group.
An airborne geophysical survey has been completed over the project area. Alan Edwards, President and CEO of Copper One commented, "The survey is complete and detailed interpretation of the conductors is underway and being correlated to mineralized surface occurrences. Details of the airborne results will be released upon completion by March, 2011, in advance of drilling."
About Copper One
Copper One Inc. also holds a significant portfolio of copper properties in the 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.
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.