TORONTO, Oct. 7, 2014 /CNW/ - Copper One Inc.
(CUO-TSX:V) ("Copper One" or the "Company"), through its
wholly-owned subsidiary 8815046 Canada Ltd., has entered into a
Pre-Development Agreement (the "PDA") for the Troilus project with
the Cree Nation of Mistissini, the
Grand Council of the Crees (Eeyou Istchee) and the Cree Nation
Government.
Through the PDA, the parties have agreed to promote a
cooperative and mutually respectful relationship concerning the
exploration and pre-development activities of Copper One on and in
respect of the Troilus project and to set out a framework for the
parties to continue their on-going relationship in a mutually
beneficial manner, all in the interest of re-establishing a
successful mining project at Troilus.
The PDA provides for business and employment opportunities for
the Crees in connection with Copper One's pre-development
activities, the completion of a comprehensive business and
employment capacity study to assess the potential for Cree business
and employment opportunities from an eventual mine at the Troilus
project and, when appropriate based on the activities of Copper One
relating the project, the hiring of a community member as an
environmental monitor.
The Crees have agreed to support the Troilus project and, should
Copper One advance the project sufficiently, to cooperate with
Copper One in the preparation of all necessary environmental and
social impact assessment studies relating to the project and to use
their best efforts to ensure that the project proceeds through the
environmental and social assessment process provided for in the
James Bay and Northern Québec
Agreement and that Copper One obtains all related governmental
approvals.
The PDA contemplates the completion of an Impacts and Benefits
Agreement upon the demonstrated economic viability of the Troilus
project with the completion of a positive pre-feasibility
study.
Scott Moore, Copper One's
President and CEO, stated: "We are extremely pleased to have signed
our pre-development agreement with the Cree Nation of Mistissini, The Grand Council of the Crees
(Eeyou Istchee) and the Cree Nation Government. We look to
continue the excellent rapport of our predecessors Inmet Mining and
First Quantum with a renewal of the Troilus gold project in the
spirit of co-operation and mutual benefit for all
stakeholders."
"This agreement marks the beginning of a collaborative and
fruitful relationship between the Crees and Copper One, a
relationship based on an alignment of interests, founded on
environmental and economic sustainability and the respect of Cree
rights." said Dr. Matthew Coon Come,
Grand Chief of the Grand Council of the Crees (Eeyou
Istchee). "It demonstrates the very essence of social
acceptability and that the respect for Aboriginal rights and
natural resources development can go hand-in-hand."
Mr. Richard Shecapio, Chief of
the Cree Nation of Mistissini,
stated: "The Cree Nation of Mistissini welcomes the approach taken by
Copper One regarding the Troilus Project. This approach,
based on building a respectful and mutually beneficial
relationship, takes into consideration our interests, our values,
our culture and our way of life. This is how long lasting
partnerships are built."
About the Troilus Project
Troilus is a past-producing gold-copper project operated by
Inmet Mining Corporation from 1995-2010. In total, the
Troilus Mine produced 2 million ounces of gold and 70,000 tonnes of
copper metal plus by-product silver, primarily from the main Z87
Zone open pit and the satellite J4 Zone open pit.
The Troilus project hosts total indicated mineral resources of
2.28 million ounces of gold and 160 million pounds of copper,
consisting of open pit resources of 60.9 million tonnes grading
0.91 grams per tonne gold and 0.095% copper and underground
resources of 11.2 million tonnes grading 1.37 grams per tonne gold
and 0.13% copper, and total inferred mineral resources of 0.85
million ounces of gold and 48 million pounds of copper, consisting
of open pit resources of 18 million tonnes grading 0.76 grams per
tonne gold and 0.068% copper and underground resources of 10.9
million tonnes grading 1.16 grams per tonne gold and 0.088% copper.
The Troilus project has excellent resource expansion and new
discovery potential. For additional details, please see the
technical report entitled "Technical Report on the Troilus
Gold-Copper Mine Mineral Resource Estimate, Quebec, Canada" effective June 30, 2014 and prepared for Copper One by RPA
Inc. (Toronto). The technical
report is available under Copper One's profile on SEDAR
(www.sedar.com) and on Copper One's website
(www.copperone.com).
On April 8, 2014 Copper One signed
a definitive purchase agreement to acquire from First Quantum
Minerals Ltd. (FM-TSX) ("First Quantum") a 100% interest in the
Troilus project, subject to a 2.5% NSR royalty payable to First
Quantum. The acquisition includes all infrastructure, specifically
roads, power lines, buildings, a permitted tailings pond and an
associated water treatment facility. Completion of the acquisition
remains subject to the satisfaction of certain conditions
precedent, including governmental and third party consents.
Qualified Person
The scientific and technical information in this new release was
reviewed and approved by Dr. William
Stone, P.Geo., Copper One's Chief Consulting Geologist and a
Qualified Person as defined in National Instrument 43-101.
About Copper One Inc.
Copper One is focused on development of high-value copper
projects in infrastructure rich areas of safe and secure mining
jurisdictions. The Company is part of the Forbes & Manhattan
Group of Companies, which has built, operated and sold mines in
Canada and globally. Copper One's
pipeline of projects includes the Rivière Doré copper-nickel
project near Val d'Or, Quebec, and
the Queylus copper-gold project in the Chibougamau mining district, Quebec. On April
8, 2014, Copper One entered into a purchase agreement to
acquire from First Quantum the past-producing Troilus property,
located near Chibougamau,
Quebec. Copper One is working to satisfy the closing
conditions under the purchase agreement with First Quantum.
Cautionary Note Regarding Forward-looking Information
This press release contains "forward‑looking information" within
the meaning of applicable Canadian securities legislation.
Forward‑looking information includes, but is not limited to,
statements regarding the impact of the PDA on the Company, the
estimation of mineral resources and the completion of the Company's
acquisition of the Troilus project. Generally, forward‑looking
information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved".
Forward‑looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward‑looking information, including but not limited to: general
business, economic, competitive, political and social
uncertainties; the actual results of current exploration
activities; future prices of mineral prices; failure of plant,
equipment or processes to operate as anticipated; accidents, labour
disputes and shortages and other risks of the mining industry.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such 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 does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
NEITHER 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.
SOURCE Copper One Inc.