$8.3M Exploration Program Successfully Completed at Carube Copper's Bellas Gate Project, Jamaica

Ottawa, Ontario--(Newsfile Corp. - January 11, 2016) - Carube Copper Corp. (TSXV: CUC) announced today that its joint venture partner, OZ Minerals Ltd., has completed exploration expenditures of $5.4M to fulfill its obligations for Phase 4 of the Farm-In Joint Venture at the Bellas Gate Project (BGP) in Jamaica. The total exploration expenditures to date for all four phases total over $8.3M. OZ Minerals has also paid Carube Copper a total of $475,000 in staged payments. By completing Phase 4, OZ Minerals has earned a 70% interest (Carube Copper maintains 30% interest) in the BGP. It has until the end of January to advise the Company of its intention to increase its interest a further 10% by sole-funding Phase 5, which requires the completion of a feasibility study.

Jeff Ackert, President & CEO of Carube Copper said: "I am very pleased with the rapid progress OZ Minerals has made in completing Phase 4 within 2 years of initiating the Bellas Gate Joint Venture, a full eighteen months ahead of schedule. The JV has had very good success in delineating significant copper mineralization across the entire project area. We look forward to another productive exploration program in 2016."

Exploration at Bellas Gate during the four phases of work included the following activities:

• Forty diamond drill holes at the Connors, Ginger Ridge, Geo Hill, Hendley, Mab Hill, Dry Hill, Charing Cross, Congo Hill and Kola prospects, totalling 11,028 metres;
• A total of 10,537 drill core samples have been analyzed;
• Five soil sample surveys, totalling 2,892 samples;
• Collection and assay of over 353 rock chip samples;
• Geological mapping of 20 prospects, of which 13 were high-priority;
• Heliborne magnetic and radiometric survey, totalling 1,867 line kilometres.

Alar Soever, Chairman of Carube Copper commented: "Carube Copper is fortunate to have OZ Minerals as our partner in advancing the Bellas Gate Project quickly when most other junior companies are unable to fund their projects internally. Further development of the BGP together with our recently announced joint venture with OZ Minerals on the Above Rocks project will be important value drivers for our company in 2016."

Highlights

Connors Prospect: Results include significant intersections of copper and gold porphyry mineralization within a quartz-poor porphyry intrusion with biotite rich potassic alteration and substantial hydrothermal magnetite content. A typical mineralized intersection at Connors returned 294m of 0.56% CuEq; including 96m of 1.00% CuEq, in diamond drill hole DDH-CON-14-005.

Hendley Prospect: New mineralization was discovered where scout drilling intersected 261 m of 0.26% CuEq, including 24 m of 0.45% CuEq and 30 m of 0.36% CuEq, in DDH-HEN-15-003. Here, porphyritic dykes and intrusion are in contact with andesitic rock and show magnetite and biotite alteration.

Geo Hill Prospect: DDH-GOH-15-004 intersected 61m of 0.31% CuEq, including 7m of 0.64% CuEq and also 21m of0.43% CuEq, including 1m of 5.7 g/t Au. The drilling revealed mineralization associated with sodic-calcic alteration and actinolite-epidote-magnetite veining.

Mab Hill Prospect: The single DDH-MAB-15-001 intersected 45m of 0.27% CuEq in monzonite porphyry and andesite breccia with potassic alteration and magnetite veinlets.

Charing Cross Prospect: DDH-CRC-15-001 intersected 24m of 0.26% CuEq, including 4m of 0.44% CuEq, in brecciated and veined volcanics. The target here was a surface alteration zone that coincided with the old workings and shaft at the Charing Cross Mine. The mine was developed in the 1850s with over 2,134 m of workings on six levels. The high-grade vein developed at that time was 1.2 to 2.4 m in width, and contained massive chalcopyrite, bornite, covellite, chalcocite and numerous oxides of copper.

Congo Hill Prospect: A single DDH-CGO-15-001 intersected 12m of 1.28% CuEq, including 5m of 2.51% CuEq. Mineralization was found in carbonate veining with bornite, chalcocite and malachite. Congo Hill was the site of a colonial mine with the last mention of working around the start of the 20th century; over 380 meters of underground workings are reported to have been developed.

Kola Prospect: DDH-KOL-15-001 intersected 25m of 0.14% CuEq in volcanic rick with monzonite porphyry.

Results from drilling at all prospects may be found in Schedule 1, attached.

It is anticipated that several of the recently drilled prospects will be subject to further evaluation in the next phase of exploration. In addition, a number of the remaining prospects will be prioritized for first-pass drilling. Of note are two new prospects discovered during field mapping: Provost and Lucky Valley. The Provost Prospect includes intense porphyry-style quartz veining and alteration with associated iron oxides, copper oxides and limonite at surface. At Lucky Valley monzodiorite porphyry and local volcanic wallrock show potassium alteration and porphyry copper style quartz rich A-type and pyrite rich D-type veinlets. These prospects have yet to be drilled.

Sample Preparation, Analysis and Quality Control: For a description of these items as pertaining to drill core and soil samples please see disclosures in press releases of January 14, 2015 and October 2, 2014. OZ Minerals, Carube Copper and Activation Laboratories all have vigorous sample security and quality control programs in place for samples collected in Jamaica.

QP Statement: This press release has been reviewed and approved by Dr. Vern Rampton, P. Eng., in his capacity as a qualified person as defined under NI 43-101. All references to "$" herein are to Canadian dollars unless stated otherwise.

Contacts
Jeff Ackert, President and CEO • 1-613-839-3258 • jackert@carubecopper.com
Vern Rampton, Executive VP of Corporate Development • 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

- END PRESS RELEASE -

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.

Carube Copper Corp. (TSXV: CUC) is a Canadian exploration company focused on the exploration and development of copper and precious metal projects in Jamaica and Canada. In Jamaica, two projects, totalling 188 square kilometres in area, are the subject of separate joint venture agreements with OZ Minerals Ltd., an Australian copper-gold producer with a market capitalization of over $1B. Carube Copper holds a 100% interest in two other nearby projects, totalling 72 square kilometres in area. In Canada, Carube Copper holds a 100% interest in three porphyry copper-gold-molybdenum properties, totalling 593 square kilometres in area within the Tertiary-aged Cascade Magmatic Arc in southwestern British Columbia. Exploration continues on these properties with the goal of joint venturing them to larger exploration and mining companies. Carube continues to seek opportunities in Canada and the Caribbean for acquisition and development.

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 Corp. 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.

Schedule 1: Bellas Gate Joint Venture —Summary of Drilling Intersections Phases 1 to 4

The intervals do not necessarily indicate true width of mineralization, as its geometry is not known. Copper equivalents are calculated using a US $3.00/lb. copper and a US$1200 per ounce gold price assuming unlimited internal dilution and 100% recovery of both metals. *hole did not reach intended target