Copper One to acquire 100% interest in Diagnos cla 2012-02-08 16:31 ET - News Release
Also News Release (C-ADK) Diagnos Inc (2)
Mr. Benoit Moreau of Copper One reports
COPPER ONE SIGNS AGREEMENT TO ACQUIRE 56 CLAIMS ADJACENT TO THE QUEYLUS COPPER GOLD PROPERTY
Copper One Inc. has signed a purchase agreement with Diagnos Inc. to acquire a 100-per-cent interest in 56 claims contiguous to the Queylus copper gold property located near the town of Chibougamau, Que. On Jan. 25, 2012, Copper One entered into an agreement with Lounor Exploration Inc. to acquire 100 per cent of the Queylus property (see the news release issued by Copper One on Jan. 25, 2012).
Under the terms of the purchase agreement, Copper One will acquire 100 per cent of the claims by paying to Diagnos $10,000 in cash, issuing to Diagnos 175,000 common shares of Copper One and granting to Diagnos a royalty of 2 per cent of the net smelter return in connection with ores and concentrates extracted from the property underlying the claims. The purchase agreement provides that Copper One has the right to reduce such royalty from 2 per cent to 1 per cent at any time by paying to Diagnos $1-million in cash.
The purchase agreement is subject to approval of the TSX Venture Exchange.
Benoit Moreau, president and chief executive officer of Copper One, stated: "The acquisition of these claims will expand the Queylus property from 124 to 180 claims and to comprise the entire tonalitic intrusion that may be related to the historical copper gold intercepts on the Queylus property."
The Queylus property is located less than 10 kilometres from the town of Chibougamau, Que. Upon closing of the purchase agreement and the purchase agreement with Lounor, the Queylus property will consist of 180 claims totalling approximately 2,880 hectares (29 square kilometres) in the Obalski and Queylus townships. Access is excellent and is provided by Highway 167, which runs through the western portion of the property.
The Queylus property is near the Lac Dore anorthosite complex and is underlain by Proterozoic sediments in contact with Archean granitoids. The best historical diamond drill hole on the property, reported by Lounor in 1996 and 1997, intersected 0.5 per cent copper and 0.18 gram per tonne gold over 52.4 metres. Copper One has not yet done sufficient work to verify this historic data and does not intend to use this information for purposes other than planning and prioritizing exploration targets.
Copper One intends to undertake soon a high-resolution airborne geophysical survey that will include magnetic and electromagnetic coverage over the entire Queylus property to better define its magnetic signature.
Qualified person
The scientific and technical information in this news release has been reviewed and approved by Benoit Moreau, Copper One's president and CEO, a professional engineer, and a qualified person as defined by National Instrument 43-101.
We seek Safe Harbor.