Trading Symbol: CCY
VANCOUVER, July 11, 2012 /PRNewswire/ - 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.
SOURCE Catalyst Copper Corp.