Copper North Announces Engineering Study for Carmacks Power Supply
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/04/13 -- Copper North Mining Corp. ("Copper North" or "the Company") (TSX VENTURE: COL) is pleased to announce it has engaged the services of M3 Engineering and Technology Corporation ("M3") of Tucson, Arizona to complete the basic engineering study for the main power supply to the Carmacks Copper Project ("the Project"), Yukon, Canada.
In January 2013, Copper North signed a Letter of Intent with Yukon Energy Corporation ("YEC") with respect to entering into a Power Purchase Agreement ("PPA") for the supply of electricity. The PPA will provide for YEC to supply the Company with the electricity requirements for the Project from YEC's grid-based electricity generation, through YEC's transmission grid (the "Grid") and the transmission connection from the Project to the Grid.
The scope of the basic engineering study includes:
-- Determining which voltage level best meets Project requirements
-- Analysis and design of a new substation (tap-off) in the vicinity of
McGregor Creek to supply a new, approximately 11km long, transmission
spur-line
-- Establishing preliminary specifications for transformation from the
existing 138 kV Grid to the selected spur-line voltage level
-- Further analysis of the capital cost estimate for the design and
construction of the tap-off from the existing 138 kV Grid, and
approximately 11 km long, transmission line
President and Chief Executive Officer, Dr. Sally Eyre stated "M3 prepared the 2012 Feasibility Study for the Carmacks Copper Project, so are well qualified to conduct the engineering study in collaboration with YEC. The estimated project load is relatively small (10 megavolt-amperes), and it is expected that YEC will supply power to the Project from its existing Grid capacity".
About Copper North
Copper North is a Canadian mineral exploration and development company. Copper North's assets include the Carmacks Copper Project located in the Yukon, and the high-grade, stratiform-copper Redstone Property, located in the Northwest Territories. Copper North trades on the TSX Venture Exchange under the symbol COL.
Please visit www.coppernorthmining.com.
On behalf of the Board of Directors:
Dr. Sally L. Eyre, President, CEO and Director
This news release includes certain forward-looking information or forward-looking statements (collectively "Forward-Looking Information") for the purposes of applicable securities laws. Forward-Looking Information includes, but is not limited to, statements with respect to proposed exploration and development activities and their timing and potential mineralization; possible events, conditions or performance that are based on assumptions about future courses of action; the timing and costs of future exploration and development activities on Carmacks; permitting and infrastructure time lines and requirements; requirements for additional water rights; and operating cost estimates. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "plans", "expects" or "does not expect", "scheduled", "estimates", anticipates", "potential", "recommends" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would" or "will be taken", "occur" or "be achieved". These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the timing and success of future exploration and development activities, exploration and development risks, market prices, exploitation and exploration results, availability of capital and financing, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that the proposed exploration and development of Carmacks will proceed as planned, market fundamentals will result in sustained metals and mineral prices, current exploration and other objectives concerning Carmacks can be achieved and that the Company's other corporate activities will proceed as expected and any additional financing needed will be available on reasonable terms.
Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described herein, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking 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 expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the 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.
Contacts:
Copper North Mining Corp.
Peter Oates, Manager
Investor Relations
604.638.2505
info@copperrnorthmining.com
www.coppernorthmining.com
Renmark Financial Communications
514.939.3989
info@renmarkfinancial.com
www.renmarkfinancial.com