TORONTO, Dec. 18, 2014 /CNW/ - Copper One Inc. (CUO-TSX:V) ("Copper One" or the "Company") and First Quantum Minerals Ltd. (as successor to FQM (Akubra) Inc.)("First Quantum") have terminated the purchase agreement whereby Copper One agreed to purchase from First Quantum a 100% interest in the Trolius mine.
Scott Moore, President and Chief Executive Officer of Copper One, commented: "We are disappointed to announce the termination of our acquisition of the Troilus project. While we felt there was substantial value to be surfaced at Troilus, the unavailability of capital for exploration and development companies precludes our final closing of the transaction. Ongoing commitments to the closure plan and site maintenance at Troilus coupled with the budget necessary to advance the project far exceed the available capital in today's tough commodity market."
About Copper One Inc.
Copper One is focused on development of high-value copper projects in infrastructure rich areas of safe and secure mining jurisdictions. The Company is part of the Forbes & Manhattan Group of Companies, which has built, operated and sold mines in Canada and globally. Copper One's pipeline of projects includes the Rivière Doré copper-nickel project near Val d'Or, Quebec, and the Queylus copper-gold project in the Chibougamaumining district, Quebec.
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the Company's future plans. 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 the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company 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. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither 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.
SOURCE Copper One Inc.