Mar 10, 2014
Copper North Announces $800,000 Financing and Review of Carmacks Copper Development Plan
Vancouver, British Columbia - Copper North Mining Corp. ("Copper North" or the "Company") (TSX.V:COL) announces that it plans to raise up to $800,000 through the sale of up to 16,000,000 units (the "Units") at a price of $0.05 per Unit by means of a non-brokered private placement (the "Private Placement").
Each Unit will consist of one common share of the Company (a "Share") and one non-transferable warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share at a price of $0.07 for a period of 24 months from closing.
The Company intends to use the proceeds from the Private Placement to complete the review of the Carmacks Copper Project described below and for general corporate purposes. The Private Placement is subject to TSX Venture Exchange approval and all securities will be subject to a four month hold period.
The Company intends to undertake a review of the Carmacks Copper Project before submitting its project proposal to the Yukon Environment and Socio-economic Assessment Board. Part of the review will include evaluating the potential to recover gold and silver in addition to the currently proposed copper production. Previous metallurgical studies indicate that the leached copper ores are amenable to cyanide leaching for gold and silver. The potential recovery of gold and silver provides a somewhat unique opportunity to increase revenue during operations, improve overall project economics, and reduce the by-product cost per pound of copper produced.
The advancement of the Carmacks Copper Project will be the immediate focus of the Company. The Carmacks Copper Project is an advanced stage copper project in south-central Yukon. The feasibility study completed in October 2012 indicates that the project has attractive economics at current copper prices (see November 1, 2012 News Release).
The Company also intends to explore additional, less dilutive opportunities for financing the development of the Carmacks Copper Project, perform a strategic review of the Redstone Project in the Northwest Territories, and evaluate opportunities to acquire advanced projects that it believes will create value for its shareholders.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable securities laws or an exemption from such registration is available.
On behalf of the Board of Directors:
Dr. Harlan Meade
President, CEO and Director
For Further Information
Chief Financial Officer
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 Redstone Property located in the Northwest Territories. Copper North trades on the TSX Venture Exchange under the symbol COL.
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 the completion of the proposed Private Placement; the price of securities issued pursuant to the Private Placement; use of proceeds from the Private Placement; proposed exploration, development, and permitting activities and their timing; the potential for gold and silver recovery; and future economic operating results. 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 timeliness and success of regulatory approvals, 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, 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 Private Placement will receive regulatory approval and will proceed as planned, the proposed development and permitting 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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