Catalyst Copper Advises of PEA Filing Delay
August 10 2012 - 6:41AM
PR Newswire (Canada)
Trading Symbol: CCY VANCOUVER, Aug. 10, 2012 /CNW/ - Catalyst
Copper Corp. ("Catalyst" or "the Company") advises there will be a
delay in releasing the results of and filing the Preliminary
Economic Assessment (PEA) on the La Verde copper porphyry deposit
located in Michoacán State, Mexico. The delay has been recommended
after our consultants and ourselves reviewed all pertinent
information. This review has determined that the existing
geological model did not adequately report deleterious elements and
as a consequence the economic model may be under-reporting the
effect of these elements on net smelter return calculations.
While the data is available to correct the geologic model, the
qualified person who prepared the report is no longer employed by
the consulting firm that prepared the report. The Company has
retained Tetra Tech Inc. to prepare an updated geologic model and
NI 43-101 report based on all work completed to date. The
Company has therefore elected to delay the release of the PEA until
such time as the updated resource model can be incorporated. We
thank shareholders for their support and understanding. About La
Verde La Verde is located in an area with excellent infrastructure.
Power, rail and water all cross the property. Lazaro Cardenas,
Mexico's third largest port on the Pacific Ocean coast is 180 km
from the site. Significant upside potential remains for the two
known zones of porphyry style copper, gold and molybdenum
mineralization as the 2010 drill program has shown both deposits
remain open to depth and along strike. La Verde property is subject
to an option agreement with a Mexican subsidiary of Teck Resources
Limited (Teck) whereby Catalyst's 100% 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 can 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. "Terence W. Hodson,
P.Geo." TERENCE HODSON, V.P. EXPLORATION 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. Catalyst
Copper Corp. CONTACT: Please contact Corporate Communications
Officer: Denby Greenslade(604)638-5900.
Copyright