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Pacific Copper News Release, Acquires Copper Oxide Property
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Pacific Copper Corp. (OTCBB: PPFP) (CUSIP # 69412U 10 0) through its
Chilean subsidiary, has executed a Letter of Intent ("LOI") with a
single vendor to acquire its interest in the La Mofralla oxide copper
property located 110 km southeast of the city of Copiapo, Atacama
Region III, Chile.
The La Mofralla property being vended, which consists of close to 250
hectares, is road-accessible and is characterized by oxide copper
mineralization in various sedimentary units encountered at the surface.
La Mofralla is adjacent to the El Corral property which was announced
as a Company acquisition on July 8, 2008.The vendor of the La Mofralla
interest controls roughly 40% of the identified mineralization in the
La Mofralla District.
Mineralization in the form of copper oxides is found in fault zones
throughout the area, and historical production estimated to be 37,500
tons of copper oxides was realized from the Mofralla open pit mine
(which is outside the property being sold by the vendor) over a 10-25
year period through 1999. Selected surface samples from this mine
analyzed in 1999 yielded total copper grades over 1.24% Cu with an
average acid soluble copper grade of 0.7%. The vendor, which is owned
in part by a Director of the Company, will receive 1 million shares of
the Company at closing in exchange for its interest at La Mofralla, and
a 2% NSR royalty, capped at $6 million. The Company has the option to
buy back a 1% NSR for $2 million at any time prior to commercial
production. Major companies with a presence in the general area include
Freeport, Teck Cominco and Xstrata.
The Company anticipates that La Mofralla, subject to confirmation of
resources, a mine plan and feasibility, would eventually be the subject
of open pit, heap leaching copper oxide operations. Currently, Pacific
Copper anticipates commencing an immediate exploration and definitional
drilling campaign at the property which will be pursued through the end
of calendar year 2008.
You can find more detailed information with respect to the company's
projects, corporate information and leadership team at the company's
website: www.pacificcopper.com
Investor Relations info@pacificcopper.com
Hal Johnston or Mike Parker at 877-306-7979
Should you have any questions or comments, please do not hesitate to
contact the Company or our Investor Relations people at the referenced
numbers above.
FORWARD-LOOKING STATEMENTS: This news release contains certain
"forward-looking statements" to the effect that certain events or
conditions "may" or "will" occur. Any estimate of potential
mineralized material is a forward looking statement. Forward-looking
statements are based on the opinions and estimates of management at the
date the statements are made based upon information available to
management, and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
These factors include the inherent risks involved in the exploration
and development of mineral properties, the uncertainties involved in
interpreting drilling results and other ecological data, the
uncertainties related to third-party reports that have not been
confirmed by management or the Company, and other factors. The Company
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change. The
reader is cautioned not to place undue reliance on forward-looking
statements.
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Copyright (c) 2008 PACIFIC COPPER CORP. (PPFP) All rights reserved.
For more information visit our website at http://www.pacificcopper.com/
or send mailto:info@sweetwatercapital.net
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