Copper One to acquire Cartier's Riviere Cu-Ni proj Copper One to acquire Cartier's Riviere Cu-Ni projectCopper One Inc (C:CUO) Shares Issued 63,783,854Last Close 11/30/2011
.275Thursday December 01 2011 - News ReleaseAlso Cartier Resources Inc (2) (C:ECR) News ReleaseMr. Benoit Moreau of Copper One reportsCOPPER ONE SIGNS PURCHASE AGREEMENT IN RESPECT OF RIVIERE DORE COPPER NICKEL PROPERTYCopper One Inc. has signed a purchase agreement with Cartier Resources Inc. to acquire 100% of the Riviere Dore copper nickel property (the "Property") located near the town of Val-d'Or, Quebec.Under the terms of the Purchase Agreement, Copper One will acquire 100% of the Property by paying to Cartier $150,000 in cash, issuing to Cartier 2,000,000 common shares of Copper One and granting to Cartier a royalty of 1% of the net smelter return in connection with ore extracted from the Property. Copper One has also agreed to pay to Cartier in cash in three equal installments over the 18-month period following the commencement of commercial production on the Property an amount equal to 2% of the net present value shown in a bankable feasibility study prepared by a recognized firm of independent engineering consultants in respect of the Property at the direction of Copper One. The Purchase Agreement is subject to approval of the TSX Venture Exchange.Upon the closing of the transaction under the Purchase Agreement, the option and joint venture agreement entered into between Copper One and Cartier in respect of the Property, and announced in a press release issued by Copper One on January 18, 2011, will terminate.Benoit Moreau, President and Chief Executive Officer of Copper One, stated: "The acquisition of the Riviere Dore Property will allow the Company to consolidate its position in a very favourable mining jurisdiction in Quebec. Access to the Riviere Dore Property is easy and we have identified several high priority targets. Copper One intends to expend significant resources and efforts to unlock the Property's tremendous potential."The 60,500 hectare Riviere Dore Property includes an 80 kilometer long newly discovered mafic layered intrusive complex from which Copper One has reported numerous copper and nickel showings, with platinum group elements, including net textured copper-nickel sulfides in pyroxenite (see the press release issued by Copper One on December 2, 2010). Based on the occurrence of EM conductors, geomagnetics, till sampling, favorable geology and rock sampling anomalies that indicate potential for copper-nickel sulfide mineralization, Copper One has identified for drilling 35 primary targets located throughout the Property (see the press release issued by Copper One on May 26, 2011).On July 8, 2011, Copper One announced that, following discussions with the Ministere de Ressources naturelles et de la Faune, the Secretariat aux affaires autochtones, and the Algonquin Community of Rapid Lake, exploration work on the property had been put on hold pending discussions among Copper One, Cartier and the other stakeholders located near the Property. The Ministere des Ressources naturelles et de la faune has granted an extension of the term for the claims that comprise the Property to July 3rd 2013, if necessary. All of such claims currently are in good standing and there are no work commitment requirements during the extension period.Copper One is committed to respecting the interests of stakeholders in the Riviere Dore Property and plans to begin shortly negotiations with the Algonquin Community of Rapid Lake with the objective of reaching an agreement between all parties prior to undertaking further exploration work.Qualified PersonThe scientific and technical information in this news release has been reviewed and approved by Thomas R. Kilbey, Copper One's Vice President - Exploration, a certified professional geologist and a qualified person as defined by National Instrument 43-101.We seek Safe Harbor.© 2011 Canjex Publishing Ltd.