PRESS RELEASES

­Canadian Copper Executes Sale Agreements Valued at $2.1M

  • Signed a Definitive Agreement to sell its Chester Project Option Agreement Rights for cash and shares totaling $1,395,0001,2.
  • Signed a Definitive Agreement to sell its Turgeon Project Option Agreement Rights for cash and shares totaling $675,0001,2.
  • Canadian Copper increases its focus on the highly prospective Murray Brook West exploration property that is contiguous to its 100% owned large Murray Brook deposit, New Brunswick’s largest undeveloped open pit polymetallic resource. (See Figure A).

Toronto, March 4th, 2024 – Canadian Copper Inc. (CSE:CCI) (“Canadian Copper” or the “Company”) is pleased to announce that it has signed two separate conditional sale agreements to sell and transfer its Option Agreement rights for the Chester and Turgeon Projects located in New Brunswick, Canada, for total possible consideration of $2,160,0001,2 in cash and shares.

Focus is essential when navigating the current capital markets situation for most junior miners in Canada today. We believe this strategic divestment achieves two objectives for us. First, it enables Canadian Copper to allocate capital exclusively on the advanced large open pit Murray Brook deposit and surrounding exploration ground, while still participate in Chester and Turgeon resource growth through Raptor Resources shares. Second, this transaction will strengthen Canadian Copper’s balance sheet without shareholder dilution.”
—Simon Quick, CEO of Canadian Copper.

 

Transaction Summary

Chester Project Definitive Sale Agreement

Canadian Copper will sell and transfer its Chester Project Option Agreement rights to Raptor Resources Ltd. (“Raptor or Buyer”) for the following consideration:

  1. A non-refundable fee of $90,0001 paid by Raptor to the Company within 10 business days of definitive agreement execution.
  2. A $675,0001 cash payment by Raptor to the Company on or before June 30, 2024. This payment is conditional on Raptor listing its company shares on the Australian Stock Exchange (“ASX”).
  3. The issuance of 4,000,0002 Buyer shares to the Company on or before June 30, 2024.

Turgeon Project Definitive Sale Agreement

Canadian Copper will sell and transfer its Turgeon Project Option Agreement rights to Raptor Resources Ltd. for the following consideration:

  1. The Buyer incurring a minimum work commitment of $450,000 on the Turgeon property within 12 months of definitive agreement execution. This condition can be waived with a cash payment of $275,0001 from Raptor to the Company.
  2. A $675,0001,2 payment with a minimum cash component of $270,0001 by Raptor to the Company on or before March 4th, 2025. This payment is conditional on Raptor listing its company shares on the ASX.

The Company is further amending the Puma Option Agreement changing the terms of the remaining two anniversary payments to Puma Exploration Inc. to reflect the sale of the Chester and Turgeon Projects to Raptor. The Company will pay a finder’s fee to an arm’s-length third party of 5% in cash at each successful milestone of the Chester and Turgeon transactions.

Figure A: Asset Sale Map 

[1] CAD Exchange Rate (AUD:CAD) 0.9
[2] ASX listing rules mandate a minimum issue price of $0.20 per share. Consideration value assumes a $0.20 price per share and CAD Exchange Rate (AUD:CAD) 0.9. https://www.asx.com.au/about/regulation/rules-guidance-notes-and-waivers/asx-listing-rules-guidance-notes-and-waivers


Qualified Person

Mr. Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants Inc. and independent Qualified Person as defined in NI 43-101. Mr. Puritch is responsible for the Murray Brook MRE and has reviewed and approved the scientific and technical content of this news release.

Mr. Michael Dufresne, M.Sc., P.Geol., P.Geo. is President and a Principal of APEX Geoscience Ltd. and is an independent QP. Mr. Dufresne is responsible for the Chester MRE and has reviewed and approved the geological information reported in this news release.

About Canadian Copper Inc.

Canadian Copper is a Canadian-based mineral exploration company with a copper and base metals portfolio of historical resources and grassroots projects. The Company is focused on the prolific Bathurst Mining Camp (BMC) of New Brunswick, Canada. There are currently 90,044,762 shares issued and outstanding in the Company.

For more information, please contact:

Simon Quick, Director and CEO   |   (905) 220-6661   |  simon@canadiancopper.com   |   ir@canadiancopper.com

Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary and Forward-Looking Statements

This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the PEA, opportunities, combined strategy, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as “pro forma”, “plans”, “expects”, “will”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company’s option to acquire properties under the Puma Option Agreement, the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the CSE), permits or financing, changes in laws, regulations and policies affecting mining operations, the Company’s limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading “Risk Factors” in the Company’s annual management discussion and analysis for the year ended October 31, 2024  and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on SEDAR+ website at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this presentation or incorporated by reference herein, except as otherwise required by law.

Cautionary Note Regarding PEAs and Mineral Resource Estimates

This preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Until mineral deposits are actually mined and processed, Mineral Resources must be considered as estimates only. Mineral Resource Estimates that are not Mineral Reserves have not demonstrated economic viability. The estimation of Mineral Resources is inherently uncertain, involves subjective judgement about many relevant factors and may be materially affected by, among other things, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties, contingencies and other factors described in the Company’s public disclosure available on SEDAR+ at www.sedarplus.ca. The quantity and grade of reported “Inferred” Mineral Resource Estimates are uncertain in nature and there has been insufficient exploration to define “Inferred” Mineral Resource Estimates as an “Indicated” or “Measured” Mineral Resource and it is uncertain if further exploration will result in upgrading “Inferred” Mineral Resource Estimates to an “Indicated” or “Measured” Mineral Resource category. The accuracy of any Mineral Resource Estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource Estimates may have to be re-estimated based on, among other things: (i) fluctuations in mineral prices; (ii) results of drilling, and development; (iii) results of future test mining and other testing; (iv) metallurgical testing and other studies; (v) results of geological and structural modeling including block model design; (vi) proposed mining operations, including dilution; (vii) the evaluation of future mine plans subsequent to the date of any estimates; and (viii) the possible failure to receive required permits, licenses and other approvals. It cannot be assumed that all or any part of a “inferred” or “indicated” Mineral Resource Estimate will ever be upgraded to a higher category. The Mineral Resource Estimates disclosed in this news release were reported using CIM Standards in accordance with NI 43-101.

Picture of Simon Quick
Simon Quick

Simon's experience includes early stage permitting, project development through to design engineering, construction, and final turnover. He joins Canadian Copper from McEwen Mining Inc. where he was Vice President of Projects. He has an honours degree in Economics from Bishop’s University and an Executive MBA from the Kellogg School of Management at Northwestern University.

Sign up for our Investor Mailing List