Preliminary Economic Assessment Underway on La Verde Copper Porphyry
July 07 2012 - 8:29PM
PR Newswire (Canada)
Trading Symbol: CCY VANCOUVER, July 11, 2012 /CNW/ - Catalyst
Copper Corp. (the "Company" or "Catalyst") advised that an initial
draft of the Preliminary Economic Assessment (PEA) on the La Verde
copper porphyry deposit located in Michoacan State, Mexico
initiated in early May 2012 by AMC Mining Consultants Ltd. ("AMC")
of Vancouver was delivered to management at the end of June.
Management and its financial advisors, Endeavour Financial Limited
(of both Vancouver and London), have now completed their review and
provided comments to AMC. Subject to final review, it is expected
that report will be publicly released later this month. About La
Verde La Verde is located in Michoacan state, Mexico, in an area
with excellent infrastructure. Power, rail and water all cross the
property. Lazaro Cardenas, Mexico's third largest port on the coast
of the Pacific Ocean is 180 km from the site. Significant upside
potential remains for the two known zones of porphyry type copper,
gold and molybdenum mineralization as the 2010 drill program has
shown both deposits remain open to depth and along strike. The
Company's interest in La Verde property is held under an option
agreement with a Mexican subsidiary of Teck Resources Limited
(Teck) whereby Catalyst's 100% owned Mexican subsidiary, Minera
Hill 29, may earn a 60% interest in La Verde by making
US$10,000,000 in exploration expenditures (including 30,000 meters
of drilling and 200 kilometers of IP) by December 31, 2012. Upon
Catalyst earning a 60% interest, Teck has the option to increase
its interest to 60% by incurring aggregate expenditures equal to
two times the amount spent by Catalyst. Should Teck fail to
exercise its option to earn a 60% interest, Catalyst has the right,
but not the obligation, to acquire a 100% interest in La Verde by
paying to Teck US$20 million. The property is subject to an
underlying 0.5% NSR. ON BEHALF OF THE BOARD OF DIRECTORS OF
CATALYST COPPER CORP. "John W. Greenslade JOHN GREENSLADE,
PRESIDENT & CEO 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. Catalyst Copper Corp. CONTACT: Corporate
Communications Officer: Denby Greenslade (604) 638-5900
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