|
VAL-D'OR,
QUEBEC--(Marketwire - Oct. 28, 2010) -
Cartier Resources Inc. (TSX VENTURE:ECR) ("Cartier") is
pleased to announce that it has signed a Letter of Intent
("LOI") for its Riviere Dore
property, located south-east of the town of Val-d'Or in the province of
Quebec. Cartier has signed a binding LOI with Copper One Inc. (TSX-V:
CUO) ("Copper One"), a corporation incorporated under the
laws of British Columbia. Subject to customary conditions and a legal,
technical and business due diligence, both parties have agreed to work
towards signing a definitive agreement on or before January 15th 2011. The
definitive agreement between Cartier and Copper One will be structured
to optimize the exploration and development of the Riviere
Dore copper project.
Under the terms of the LOI, Copper One is granted an Initial Option to
acquire an undivided 51% interest in the Riviere
Dore property by making cumulative exploration expenditures of
$5,000,000 on or before December 31, 2015, including a firm first year
commitment of $750,000 and paying $250,000 and issuing to Cartier
350,000 common shares of Copper One. Upon the valid exercise of the
Initial Option, Copper One shall have an Additional Option to acquire a
further 24% interest in the Riviere Dore
property by continuing until the completion of a definitive feasibility
study or making further cumulative expenditures of $20,000,000 by or
before December 31, 2020.
The following schedule summarizes the terms of the LOI:
-- Initial Option (to acquire 51%): -- First Year (ending December 31st, 2011): a firm commitment for work expenditures of $750,000; -- Years Two through Five (ending December 31, 2015); cumulative work expenditures of $5,000,000 (with expenditures being approximately $1,062,500 per year); and -- Payment of $250,000 and issuance of 350,000 common shares of Copper One. -- Additional Option (to acquire 75%): -- Completion of a definitive feasibility study; or -- Years Six through Ten (ending December 31, 2020): cumulative work expenditures of $20,000,000 (with minimum expenditures of $1,000,000 in each year after December 31, 2015)
Cartier will manage the exploration
program during the Initial Option period. After the first year of the
Initial Option, Copper One may elect to operate the project. If it
elects to do so, Copper One will make an annual cash payment to Cartier
of $50,000 for each year that it shall operate the project during the
Initial Option. The proposed agreement contemplates that a joint
venture will be formed once Copper One has vested at 51% or 75%. The
parties also agree that the definitive agreement will include negotiated
terms for the joint venture agreement.
"Dealing with a company whose core business is copper provides the
best opportunity for success on Riviere
Dore," commented Philippe Cloutier,
President and CEO of Cartier. "We are very pleased with the design
of this agreement as our partner's investment is focused towards
expanding on the 2009 surface discoveries and explore numerous other
targets on the property."
About Copper One Inc.
Copper One is focused on developing high-value copper deposits in leading
mining jurisdictions. The company is led by a diverse team of
explorers, developers, and operators with major company experience and
a clear understanding of the business of mining. Copper One also holds
a significant portfolio of copper properties in the prolific
copper-producing regions of Arizona and New Mexico, including its
flagship Lone Mountain copper oxide project which is currently in the
permitting process for a major drill program anticipated in 2011.
Copper One and Cartier are preparing an aggressive exploration program
that will include drilling the discovery area and exploring several new
strategic targets on the property. The ease of access and lay of the
ground allow for exploration on the property on a year-round basis for
trenching and drilling.
Figure: Location of the Riviere Dore
Copper-Nickel Property : http://media3.marketwire.com/docs/ECR_eng.JPG
Quality Assurance/Quality Control
The Riviere Dore exploration program is
conducted under the supervision of Mr. Philippe Berthelot, P. Geo.,
Cartier's Vice President - Exploration, a qualified person as defined
by National Instrument 43-101. Cartier has implemented and adheres to a
strict Quality Assurance/Quality Control program which includes
mineralized standards and blanks for each batch of samples. Assay
samples are taken from drill core sawed in half with one half sent to a
commercial laboratory and the other half retained for future reference.
Analyses are either performed by Techni-lab
S.G.B. Abitibi inc. in Sainte-Germaine, Quebec, or by ALS-Chemex in Val-d'Or, Quebec, both of which are
accredited laboratories.
The technical information in this news release has been reviewed and
approved by Mr. Thomas R. Kilbey, Copper
One's Vice President - Exploration, a certified professional geologist
and a qualified person as defined by National Instrument 43-101.
About Cartier Resources
Cartier is an exploration company focused on gold and currently holds significant
land holdings in the prolific Abitibi Gold Belt in Quebec. The
company's portfolio of properties consists of wholly-owned projects
which are managed by a team of geologists who have a proven track
record of making significant discoveries.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this press release.
|