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Mr. Simon Tam reports
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ACQUISITION OF THERMAL COAL PROPERTIES IN PAKISTAN AND CLOSE OF PRIVATE PLACEMENT
Cooper Minerals Inc. has received acceptance from the TSX VentureExchange with respect to the option agreement with Gul Asghar Khan toacquire a 60-per-cent interest in certain thermal coal properties inPakistan previously announced in Stockwatch on Sept. 3, 2010.Consideration for the option consists of cash payments totalling$500,000 (U.S.), incurring expenditures of $2-million (U.S.) on theproperties over a three-year period and the issuance of four millioncommon shares.
The company has closed the transaction, paid $500,000 (U.S.) and issuedfour million shares to the optionor. All common shares issued pursuantto this transaction are subject to a hold period expiring Aug. 22,2011.
The company also completed the non-brokered private placement previouslyannounced in Stockwatch on Sept. 3, 2010, through the issuance of 22million units at a price of five cents per unit for gross proceeds of$1.1-million. Each unit consists of one common share and one sharepurchase warrant having a five-year term for the purchase of one furthercommon share of the company at the exercise price of 10 cents per sharein the first year, 15 cents per share in the second year, 20 cents pershare in the third year, and 30 cents in the fourth and fifth year. Thecompany has paid a finder's fee of a total of $65,200 in cash. All ofthe securities issued under the private placement are subject to afour-month hold period expiring Aug. 22, 2011.