Carube Copper Settles Debt at $0.17 a Share
OTTAWA, ON / ACCESSWIRE / September 28, 2015 / Carube Copper Corp. (TSXV: CUC) (the "Company") reports that pursuant to the approval of the TSX Venture Exchange it has issued 605,882 common shares at $0.17 per share to settle outstanding debt of $103,000 to certain officers and directors of the company. The shares are subject to a four month hold period expiring January 26, 2016.
Carube Copper continues to enhance its successful strategy of joint venturing its properties to large well-funded companies in order to minimize the development cost to Carube Copper while increasing corporate value:
- A Joint Venture in Place: At the Bellas Gate Project in Jamaica, our joint venture partner, OZ Minerals Ltd., is in the process of completing $6.5M on exploration and will earn a 70% interest in the project by the end of this year. To earn an additional 10%, OZ Minerals must complete all work to conclusion of a feasibility study.
- Three Projects Ready for Joint Venture: At the Above Rocks, Hungry Gully and Main Ridge Projects in Jamaica, OZ Minerals has completed airborne geophysics. This work has earned OZ Minerals the right to enter into joint ventures on any or all three projects on similar terms to those of the Bellas Gate Joint Venture. OZ Minerals must make that decision before December 20, 2015
- Two Projects Being Advanced: At the large Mackenzie and Rogers Creek projects in southwest British Columbia, exploration work is being completed to advance both to a marketable joint venture stage. Interest in the area has increased substantially with Amarc Resources having recently optioned its IKE project to Thompson Creek Metals, which can spend $15M to earn a 30% interest in the project. The IKE project is adjacent to and directly north of Carube Copper's Mackenzie project.
Looking to the future, the Company's strategy is to acquire new properties at a reasonable cost. Then, with focused exploration advance them to a joint venture ready stage.
Contacts
Jeff Ackert, President and CEO - 1-613-839-3258 - jackert@carubecopper.com
Dr. Vern Rampton, Executive Vice President - 1-613-839-3258 - vrampton@carubecopper.com
Alar Soever, Chairman - 1-705-682-9297 - asoever@carubecopper.com
Darrell Munro, Corporate Administration - 1-613-839-0474 - dmunro@carubecopper.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
About Carube Copper Corp
Carube Copper Corp. (TSXV: CUC) is a Canadian exploration company focused on the rapid exploration and development of precious metal and copper projects in Jamaica and Canada. Through a wholly owned Jamaican subsidiary, Carube owns a 40% beneficial interest (subject to a 2% NSR) in the Bellas Gate Project, which consists of two highly prospective copper-gold licenses covering 84 square kilometres of the Central Inlier. The Bellas Gate Project is the subject of a joint venture agreement with OZ Minerals Ltd., an Australian copper-gold producer with a market capitalization of over $1B. OZ Minerals can earn a 70% interest (Carube 30%) in the Bellas Gate Project by spending $6.5M on exploration and can then increase its interest a further 10% by completing a feasibility study. OZ Minerals has flown airborne geophysics over 3 other Carube projects (4 wholly-owned Licences, subject to 2% NSRs, and subsequently can invoke separate joint ventures on each project under similar terms to those applicable to the BGP.
Carube also holds a 100% interest in three porphyry copper-gold-molybdenum properties in south-western British Columbia within the Tertiary-aged Cascade Magmatic Arc. Exploration continues on two of these projects, with the goal of joint venturing them to larger exploration and mining companies.
DISCLAIMER AND FORWARD-LOOKING STATEMENTS
This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Carube Copper Inc. provides no assurance that actual results will meet management's expectations. Actual events, results, performance, prospects and opportunities may differ materially from those expressed herein. Factors that can cause results to differ materially are set out in the company's documents filed on the SEDAR website. Even though Carube Copper believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on it, as it may only apply to a disclosed time frame or not at all. Carube Copper disclaims any obligation to update or revise information in the future other than required by law. For a more detailed Disclaimer please refer to the Press Release section of our website
SOURCE: Carube Copper Corp.