Jul 20, 2012
Copper North Provides Corporate Update
Vancouver, British Columbia -- Copper North Mining Corp. ("Copper North" or the "Company") (TSX.V: COL) is pleased to provide an update on current corporate activities, this includes progress on the updated Feasibility Study for the Carmacks Copper Project ("Carmacks"); the Company's community engagement program and successful Land Use Permit ("LUP") application for the Redstone Property ("Redstone"); and expansion of its investor relations activities.
Carmacks Copper Project, Yukon
Earlier this year, Copper North reported (see News Release dated February 1, 2012) that it had engaged M3 Engineering & Technology ("M3") to prepare an updated Feasibility Study for the Carmacks Copper Project ("Carmacks"). M3 had previously prepared the National Instrument 43-101 compliant, Feasibility Study report for Carmacks in May 2007. Completion of the updated Feasibility Study remains on target for the third quarter, 2012.
Golder Associates Ltd. ("Golder") is finalizing the revised feasibility level design for the permanent Heap Leach Facility ("HLF") which will incorporate the use of inter-lift liners (see News Release dated March 1, 2012). Further, Golder is updating the site wide water balance and water quality model, and is preparing a revised closure plan for the HLF. The revised closure plan will include an enhanced store and release cover - optimized to limit water infiltration into the closed heap; and a new passive treatment design.
In July, Golder completed the annual site inspection at Carmacks, a condition required by the current Quartz Mining Licence (issued in 2009).
Copper North is continuing the baseline surface water quality, hydrology, and groundwater quality sampling at the Carmacks site, to add an eighth consecutive open-water season to the baseline database for the site.
Concurrently, the Company is preparing a revised Project Proposal for submission (in the third quarter, 2012) to the Yukon Environmental and Socio-economic Assessment Board (see News Release dated April 26, 2012).
Redstone Property, Northwest Territories
The Company's application for a five year Type 'A' LUP, submitted in support of the 2012 exploration program at the Redstone Property (see News Release dated May 1, 2012) has been approved by the Mackenzie Valley Land and Water Board. A LUP has been granted to Redbed Resources Corp., a wholly owned subsidiary of Copper North. The LUP will enable the Company to conduct exploration activities on its Redstone Property for a period of five years from the date of grant.
Local community engagement in the Northwest Territories was initiated by the Company in early 2012, in advance of the submission of the LUP application. In the Sahtu Region, the Company has completed a Traditional Knowledge study, conducted in partnership with the Tulita Renewable Resources Council, the Fort Norman Metis Land Corporation, the Tulita Land and Financial Corporation, and the Tulita District Land Corporation. In the Dehcho Region, the Company has met with board representatives of the Pehdzeh Ki First Nation Development Corporation as well as senior representatives of the Liidli Kue First Nation, Fort Simpson (Fort Simpson is the regional centre of the Dehcho).
With respect to the Redstone exploration program, field crews have been mobilised to the field camp. The focus of the exploration program (which is comprised of geological mapping, ground geophysics and geochemical sampling) is to test potential deposit extensions at the high-grade, stratiform copper deposit at Coates Lake; as well as to increase the Company's understanding of the regional prospectivity of the project by further exploring the known copper occurrences in the claims located to the north of Coates Lake.
Copper North's President and CEO, Dr. Sally Eyre stated "I am very satisfied with our progress as we continue to systematically advance Carmacks and Redstone. Efficient processing of the Redstone LUP application has enabled us to successfully execute our 2012 exploration program, and as a result, we are able to start planning field activities for 2013; at Carmacks, we remain on schedule to complete the updated Feasibility Study in the third quarter -- which will subsequently enable us to complete and submit the revised Project Proposal to the Yukon Environmental and Socio-economic Assessment Board".
Copper North has retained the services of Renmark Financial Communications Inc., ("Renmark") a full service investor relations firm, which will support the Company's on-going investor relations activities.
In consideration of the services to be provided by Renmark, Copper North has executed a monthly agreement, with a monthly retainer of $3000. Renmark does not have any interest, directly or indirectly, in Copper North Mining Corp. or its securities, or any right or intent to acquire such an interest.
Further, Copper North confirms the appointment of Peter Oates as Manager, Investor Relations. Mr. Oates has 5 years' experience in the junior resource sector. Prior to joining Copper North, Mr. Oates held corporate communications positions with a number of junior resource companies, most recently with Brixton Metals Corp., Redzone Resources and Entrée Gold Inc. Prior to moving into the resource sector, Mr. Oates held key roles with FedEx Europe and Cable & Wireless Communications. Mr. Oates will be compensated $70,000 per annum and has been granted 90,000 stock options at a price of $0.30.
About Copper North
Copper North is a Canadian mineral exploration and development company. Copper North's assets include the Carmacks Copper Project located in the Yukon, and the high-grade, stratiform-copper Redstone Property, located in the Northwest Territories. Copper North trades on the TSX Venture Exchange under the symbol COL.
Please visit www.coppernorthmining.com.
On behalf of the Board of Directors:
"Sally L. Eyre"
Dr. Sally L. Eyre
President & CEO
For Further Information:
Peter Oates, Manager, Investor Relations
This news release includes certain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to proposed exploration and development activities and their timing. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the timing and success of future exploration and development activities, exploration and development risks, market prices, exploitation and exploration results, availability of capital and financing, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that the proposed exploration and development of the mineral projects will proceed as planned, market fundamentals will result in sustained metals and mineral prices, and any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the 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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