Copper Lake Disputes Claim From Former CEO
TORONTO, ONTARIO--(Marketwired - July 15, 2016) - Copper Lake Resources Ltd. (TSX VENTURE:CPL)(FRANKFURT:W0I) ("Copper Lake" or the "Company") announces that it has received claims from Mr. Ronald Coombes, former President and CEO and a former director of the Company, and a private company controlled by Mr. Coombes, for amounts claimed to be owing as consulting fees and reimbursement of expenses. Mr. Coombes resigned from all positions held from the Company in February 2016.
The Company disputes all such claims and intends to defend itself vigorously.
About Copper Lake Resources
Copper Lake Resources Ltd. is a publicly traded Canadian company currently focused on advancing two significant properties located in Ontario, Canada:
| 1. | The Marshall Lake VMS copper, zinc, silver and gold property is an advanced exploration stage property located 120 km north of Geraldton, Ontario via good all weather gravel road from the Trans-Canada Highway and just 22 km north of the main CNR rail line. |
| The Company has presently earned a 37.5% interest in the Marshall Lake property. Recently, the Company has entered into an agreement to acquire one of the optionor's 31.25% interest outright, such that, upon completion of such acquisition, the Company will hold a 68.75% interest, and retain its original option to acquire an additional 6.25% interest. See the Company's news release dated June 15, 2016 for further details. | |
| 2. | The Norton Lake nickel, copper, PGM property (69.79%) is located approximately 100 km north of the Marshall Lake property. |
On behalf of Copper Lake Resources Ltd.
Terrence MacDonald, Interim CEO
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release.