Catalyst Copper announces delivery of La Verde Property, Mexico, “S-1 Expenditure Notice”
Trading Symbol: CCY
VANCOUVER, Jan. 7, 2013 /PRNewswire/ – Catalyst Copper Corp. (“Catalyst” or
“the Company”) announces that it has provided Minera Torre de Oro SA de
CV, a Mexican subsidiary of Teck Resources Limited, (“Teck”) Notice
(the “S-1 Expenditure Notice”) that it has incurred +US$10 million of
Expenditures and completed the required Work Commitments in accordance
with the agreement (the “Agreement”), dated December 21, 2009, between
Teck and Minera Hill 29 SA de CV (“Minera Hill”, Catalyst’s wholly
owned Mexican subsidiary).
The date of delivery of the S-1 Expenditure Notice is defined in the
Agreement as the Minera Hill Earn-In Date, being the date Minera Hill
has exercised the S-1 Option and earned a 60% interest in the La Verde
Property. Teck may elect, at any time up to the 60(th) day after the Minera Hill Earn-in Date to either:
(a) invoke its option (the “T-1 Option), by delivering Minera Hill
Notice (the “T-1 Notice”), to earn back from Minera Hill a 20% interest
in the La Verde property, so as to hold a 60% interest, by incurring
and sole funding aggregate optional Expenditures equal to twice the
Expenditures incurred by Minera Hill to a maximum of US$20 million
within three years of the date of the T-1 Notice; or
(b) form a Joint Venture (through a holding company, “Holdco”), with the
parties interests being 60% Minera Hill and 40% Teck.
Should Teck elect, or be deemed to have elected, to form a Joint
Venture, or having elected to invoke the T-1 Option such option is
subsequently terminated, Minera Hill will have the right for 60 days to
purchase Teck’s remaining 40% interest in the La Verde Property or
The S-1 Expenditure Notice was delivered by Minera Hill to Teck in late
ON BEHALF OF THE BOARD OF DIRECTORS
OF CATALYST COPPER CORP.
“John W. Greenslade”
John W. Greenslade – President, CEO (Director)
Certain information set forth in this news release may contain
forward-looking statements that involve substantial known and unknown
risks and uncertainties. These forward-looking statements are subject
to numerous risks and uncertainties, certain of which are beyond the
control of the Company, including, but not limited to, risks associated
with mineral exploration and mining activities, the impact of general
economic conditions, industry conditions, dependence upon regulatory
approvals, and the uncertainty of obtaining additional financing.
Readers are cautioned that the assumptions used in the preparation of
such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. Neither 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.
Quality Assurance: The Company employs a system of quality control for
drill results which includes the use of blanks, certified reference
materials (standards) and check assaying. Core is logged on site and
split with a diamond saw. Samples are shipped to Acme Analytical
Laboratories Ltd. for analysis. All elements with the exception of gold
are analyzed by Aqua Regia digestion and ICP-ES analysis. Gold is
analyzed by fire assay method.
SOURCE Catalyst Copper Corp.