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Re: News Releases - Thursday, July 09, 2009
Copper Ridge Options Scheelite Dome Property to Golden Predator
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NR No. 06/2009
Vancouver, BC, July 9, 2009 -- Copper Ridge Explorations Inc. ("Copper
Ridge" or the "Company") announces that, further to its news release of
June 5, 2009, it has signed a Property Option Agreement with Golden
Predator Royalty & Development Corp. (TSX.V: GPD -- "Golden Predator")
and True North Mining Corp., a wholly-owned subsidiary of Golden
Predator, whereby True North will have an option to acquire a 100%
interest in Copper Ridge's Scheelite Dome property located in the Mayo
Mining District in the Yukon Territory. According to the terms of the
agreement, Golden Predator can earn a 100% interest in the Property by
making a payment of $20,000, incurring $200,000 in exploration
expenditures by November 30, 2009, providing a credit facility of up to
$300,000 via a convertible promissory note (the "Note") and issuing
675,000 units (the "Units") to Copper Ridge at a deemed price of $0.50
per Unit.
Each Unit will consist of one share of Golden Predator and one
non-transferable warrant. Each warrant will be exercisable for one
share of Golden Predator for a period of two years at a price of $0.75
for the first six months and $0.90 for the remaining 18 months. The
number of units is adjustable under certain circumstances. In
addition, should the Scheelite Dome property become the subject of a
positive bankable feasibility study ("BFS") prior to December 31, 2011,
then up to 500,000 shares of Golden Predator will be payable to Copper
Ridge capped at $1,000,000 in value, if a BFS is delivered from January
1, 2012 through December 31, 2013 this cap will be raised to
$1,500,000, if a BFS is delivered from January 1, 2014 through December
31, 2015 it will be raised to $2,000,000, and it will be raised to
$2,500,000 thereafter.
The principal amount of the Note is without interest if repaid in full
on or before November 30, 2009. If the principal amount of the Note is
not repaid on or before November 30, 2009, the principal amount of the
Note plus interest equal to the Royal Bank of Canada prime rate plus
two percent (2%), calculated semi-annually will be due and payable or,
subject to the acceptance of the TSX Venture Exchange, the principal
amount of the Note plus interest is convertible at a price of $0.03 per
share, at the election of Copper Ridge, into up to 10,00,000 common
shares (plus additional shares representing interest) in the capital
stock of Copper Ridge as presently constituted.
The Scheelite Dome property is subject to a 2% NSR payable to
International Royalty Corporation plus an additional 2% NSR on certain
of the mineral claims. The agreement is subject to a number of
conditions precedent, including regulatory approval.
Joss'alun Copper Property
Lomiko Metals Inc. has notified the Company that it has terminated its
option to acquire an interest in the Company's Joss'alun property,
located southeast of Atlin, BC, effective immediately. The Company will
evaluate the results of recent exploration before deciding on a future
course of action on the Joss'alun property.
Copper Ridge's exploration philosophy focuses on maximizing the
potential for success in a high-risk business. With grass roots mineral
exploration, where the entry cost is low but the potential reward can
be very high, success will be contingent on exploration skill and on
carefully managed risk. Our management team brings tenacity, technical
skill and experience, all crucial ingredients for discovery. By
exploring a broad array of projects, focusing on the right commodities,
in areas of high mineral potential and in mining-friendly jurisdictions
and by sharing the risks on some projects with joint venture partners,
the Company is exposing its shareholders to a greater chance for
discovery.
Contact:
Gerald G. Carlson, President & CEO
Copper Ridge Explorations Inc.
Suite 500 - 625 Howe Street
Vancouver, B.C. V6C 2T6
Phone: 604-688-0833; 1-888-278-2288
info@copper-ridge.com
TSX Venture Exchange -- KRX
Pink Sheets -- CRXOF
Berlin -- 502845
This release was prepared by management of the Company who takes full
responsibility for its contents.
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.
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Copyright (c) 2009 COPPER RIDGE EXPLORATIONS INC. (KRX) All rights
reserved. For more information visit our website at
http://www.copper-ridge.com/ or send mailto:info@copper-ridge.com
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Copper Ridge is a copper producing company based in Canada. Copper Ridge produces copper, gold and silver in Mexico, and holds various exploration projects in Canada and in Mexico. Its main asset in production is GAVILANES in Mexico and its main exploration properties are KALZAS, DUKE ISLAND, BABINE, GOLD DOME, BOREALIS, COPPER ACE, JOSS'ALUN, LUCKY JOE, YUKON OLYMPIC, OGOPOGO, WILLOUGHBY, CLEAR LAKE, HART RIVER CLAIMS, LUCKY JOE AND SHAMROCK and ASH, B AND TAR CLAIMS in Canada. |