QUEBEC CITY, QUEBEC - Copper One Inc. ("Copper One" or the "Company") (TSX VENTURE:CUO) reports that it has received a decision from the Ministère de l'Énergie et des Ressources naturelles ("MERN") dated February 8, 2017 suspending all of Copper One's mining claims related to its Rivière Doré Project. MERN is basing their suspension decision on section 63 of the Mining Act (Quebec) (the "Act").
The MERN's Decision
Copper One considers the MERN's decision to suspend Copper One's claims to be abusive and to constitute an excess of jurisdiction and believes the decision will be reversed on appeal by the Court of Québec.
According to Copper One, the MERN was hasty in its decision. Upon examining its file related to the Rivière Doré Project claims received from the MERN on January 31, 2017, Copper One discovered that the file does not contain any documentation revealing a serious public safety issue as alleged by the MERN in its suspension order.
The public safety issue alleged by the Minister of Energy and Natural Resources in his decision does not appear to be documented in Copper One's file and, in Copper One's opinion, is not justified in the current context.
It is Copper One's view that the Minister abused the suspension power provided to him under section 63 of the Act as the Company's situation does not match any of the three cases described in that section. The Minister's decision constitutes an unreasonable exercise of the discretion conferred on him by section 63 of the Act.
The Company intends to quickly exercise its right of appeal before the Court of Québec in order to have the decision suspending its claims reversed.
Copper One would like to remind its stakeholders that the MERN's decision is not a revocation of Copper One's claims; rather, it is a suspension of its claims that will delay the Company's proposed advancement of the Rivière Doré Project.
Copper One is a socially responsible company that is mindful of the environmental context in which it operates. Accordingly, Copper One has implemented measures to minimize the environmental impact of its drilling program. The proximity of logging roads and cutting areas was factored into the selection of drill targets so as to reduce the impact of exploration work on the environment.
Copper One hopes that its exploration program at the Rivière Doré Project will ultimately determine the development potential of the territory concerned - a development potential that, if realized, will likely benefit, in particular, the local and First Nations communities involved.
The Company also announces the appointment of Thomas Olesinski to its board of directors. Mr. Olesinski, CPA, CMA, has over 20 years of finance and management experience. Mr. Olesinski worked as a managing forensic accountant for BDO Dunwoody, where he earned a Certified Fraud Examiner designation, before moving into the marketing communications industry, where he worked for Cossette Communication Group in various roles, including Director of Finance and Operations. Mr. Olesinski currently serves as Chief Executive Officer of Havas Media Canada as well as Chief Financial Officer of Havas Worldwide Canada. Mr. Olesinski's appointment follows the resignation of Paul Cowley from the board of directors of the Company. Copper One would like to thank Mr. Cowley for his contribution to the Company.
About Copper One Inc.
Copper One is a Canadian-based mineral exploration company focused on the advancement of its 100%-owned Rivière Doré Project, located south-east of Val-d'Or, Quebec.
Copper One's common shares trade on the TSX Venture Exchange under the symbol "CUO".
For further information, please visit www.copperone.com.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Company's exploration program, the ability of the Company to obtain the necessary permits, the results and impact of the Company's exploration program, the potential of the Rivière Doré property, potential legal action by the Company including an appeal of the MERN's suspension order, the availability and impact of Copper One's legal remedies, the impact of the suspension of the Rivière Doré claims on the Company and its stakeholders, the impact of changes to the board of directors of the Company and the future plans or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Copper One, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Copper One has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Copper One does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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