TORONTO, Dec. 18, 2014 /CNW/ - Copper One Inc.
(CUO-TSX:V) ("Copper One" or the "Company") and First Quantum
Minerals Ltd. (as successor to FQM (Akubra) Inc.)("First
Quantum") have terminated the purchase agreement whereby Copper
One agreed to purchase from First Quantum a 100% interest in the
Trolius mine.
Scott Moore, President and Chief
Executive Officer of Copper One, commented: "We are disappointed to
announce the termination of our acquisition of the Troilus project.
While we felt there was substantial value to be surfaced at
Troilus, the unavailability of capital for exploration and
development companies precludes our final closing of the
transaction. Ongoing commitments to the closure plan and site
maintenance at Troilus coupled with the budget necessary to advance
the project far exceed the available capital in today's tough
commodity market."
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.
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 Company's future plans. 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.