Initial Drilling Begins at Carube Copper's Above Rocks Joint Venture

Ottawa, Ontario--(Newsfile Corp. - May 18, 2016) - Carube Copper Corp. (TSXV: CUC) announces that its joint venture partner OZ Minerals Ltd. has deployed a diamond drill rig to the 104 square kilometre Above Rocks Joint Venture (ARJV) in Jamaica, initiating drilling at a high-priority copper-gold target at the Jobs Hill Prospect. This drilling is part of the ARJV's Phase One exploration program, which will enable OZ Minerals to earn 40% of the project by sole funding $500,000 in exploration expenses.

Jeff Ackert, President and CEO of Carube Copper notes: With this drill rig being deployed at Above Rocks and a second drill rig currently working at the Bellas Gate Joint Venture, Carube Copper will have a steady stream of news out of Jamaica in the coming months. We are excited to get the drill turning at Above Rocks, where our highly prospective priority areas have yet to be explored using modern exploration techniques.

The ARJV has identified five high priority target areas that will be the focus of initial exploration by the joint venture. These include Jobs Hill and Sue River where porphyry style mineralization has been noted. For more details, see Carube Copper's Press Release dated February 26, 2016. Three drill holes, totaling 450m are planned at Jobs Hill and Sue River. Drilling at the three other high-priority targets areas will be determined after more ground work is completed.

The Jobs Hill Prospect has extensive copper oxide showings and numerous exposures of malachite with good gold credits. The target, hosted in a northeast trending structural zone, is at least 600m long and 45m wide and is open to the southwest. Several local occurrences suggest that bornite is a significant component of the primary mineralization.

Historic Jobs Hill values of 1.44% Cu over 16.4m and 1.86% Cu over 15.6m were recorded from 1950s and 60s trenches¹ and six historic holes from the 1950s with very poor recovery returned grades from 0.1 - 2.25% Cu². Grab and channel samples in 2012 yielded 1.0 to 13.9% Cu³ and a number of grab samples from 1987⁴ and 2012³ yielded a number of Au assays between 0.147 and 0.890g Au/t. Most recently, surface sampling at Jobs Hill by OZ Minerals returned values over 1.00% Cu in seven of twelve samples, with the highest at 9.12% Cu. Gold values in these samples ranged from trace amounts to 394 ppb Au.⁵

Under the terms of the ARJV Agreement, to earn a 70% interest, OZ Minerals is required to spend $6.5 million on exploration and make payments to Carube of $275,000 over 5 years. OZ Minerals can then earn a further 10% interest by funding all work to the completion of a feasibility study.

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
www.carubecopper.com

¹ Fenton, A. D. 1979. Copper prospects of Jamaica, a review; Geological Survey Division, Hope Gardens, Jamaica and Burrex Mines Ltd. 1965 Prospecting report file; Geological Survey of Jamaica
² Greater Antilles Minerals Limited, 2007, Jobs Hill Project, Jamaica, Information Memorandum
³ Tigers Realm Minerals Pty Ltd. 2012. Progress report for mineral exploration for SEPL's 550 and 552 for the period September 2011 to February 2012 plus subsequent copper assays provided to CaruBE Resources Inc.
⁴ Wallace. S. 1987. Report on the Hope Mine and Jobs Hill areas, Jamaica, West Indies, Technical Report for Jam-Can Resources Inc.
⁵ Oz Minerals and Carube Copper's analytical methods are explained in press release dated January 14, 2015

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.

Annual Meeting
In other corporate news, the company will shortly file on SEDAR all documents pertaining to its Annual Meeting to be held at 3790 Carp Road, Carp, Ontario, on Thursday, June 23, 2016, at 4:00 p.m. (ET). These documents supplement the fiscal 2015 Annual Audited Financial Statements and MD&A which were filed on SEDAR in December 2015. All documents may also be found on the company's website at http://www.carubecopper.com/investors/annual-meeting.htm

— END PRESS RELEASE —

Carube Copper Corp. (TSXV: CUC) is a Canadian exploration company focused on the exploration and development of copper and gold 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 approximately $1.5B. Carube Copper holds a 100% interest in two other nearby projects, totalling 80 square kilometres. In Canada, Carube Copper holds a 100% interest in three porphyry copper-gold-molybdenum properties, totalling 593 square kilometres 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 Copper continues to seek opportunities in Canada and the Caribbean for acquisition and development.

DISCLAIMER & 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. Factors that can cause results to differ materially are set out in the Company's documents filed on the SEDAR website. Undue reliance should not be placed on "forward looking statements".

IMPORTANT NOTICE: By reference herewith, Carube Copper incorporates into this release the entire disclaimer set forth on our website at http://carubecopper.com/disclaimer.htm

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.