TSX.V: COCO
VANCOUVER, BC, Sept. 10,
2024 /CNW/ - ("Coast Copper" or the "Company")
(TSXV: COCO) is pleased to announce that it has closed the
Sweeney mineral property acquisitions announced on September 3, 2024, consisting of 8 mineral claims
totaling 1,492 hectares ("ha") from Cazador Resources Ltd.
("Cazador"), a private company controlled by Coast Copper's
CEO Adam Travis, and 3 mineral
claims totaling 77 ha from an arm's-length third party ("Third
Party"). The Sweeney property ("Sweeney" or
"Property") is located approximately 135 kilometers
("km") by road, southwest of the town of Houston in the Central Interior of
British Columbia. The Property is
centrally located in the Huckleberry Mine Camp and is 7 km north
northwest of the past producing Huckleberry Mine, 3 km west of
Huckleberry Mines Ltd.'s Whiting Creek deposit and 8 km southeast
of the Berg Deposit owned by Surge Copper Corp¹.
Purchase Agreement Terms
Cazador Purchase Agreement Terms
Coast Copper acquired 8 mineral claims totaling 1,492 ha from
Cazador. Under the terms of the Cazador purchase agreement
("Cazador Purchase Agreement"), in consideration for a 100%
interest in the Property, Coast Copper will make a cash payment of
$60,000 to Cazador, which will retain
a 1% net smelter return ("NSR") royalty on the Cazador
claims, 0.5% of which may be purchased by Coast Copper for
$2 million.
The Company's independent directors completed a review of the
Cazador claims prior to entering into the Cazador Purchase
Agreement and agreed to cover Cazador's acquisition costs and
initial reconnaissance program, and for Cazador to retain an NSR.
This transaction was considered a related party transaction
within the meaning of Multilateral Instrument 61-101 --
Protection of Minority Security Holders in Special
Transactions as the Cazador claims were sold to the Company by
a director and officer. The transaction is exempt from the formal
valuation and minority approval requirements in MI 61-101 as the
fair market value of the consideration payable does not exceed 25%
of the Company's market capitalization.
Third-Party Purchase Agreement Terms
Coast Copper acquired 3 mineral claims totaling 77 ha from the
Third Party. Under the terms of the Third-Party purchase
agreement, in consideration for a 100% interest in the Third-Party
claims, Coast Copper will make a cash payment of $134 to the Third Party, which will retain a 1%
NSR royalty on the Third-Party claims, 0.5% of which may be
purchased by Coast Copper for $1
million.
One of the 3 Third-Party claims purchased, covering 19 ha, is
not adjacent to the Sweeney property and will be treated as a
separate mineral property.
About Coast Copper Corp.
Coast Copper's exploration focus is the Empire Mine property,
located on northern Vancouver Island, BC, which covers three
historical open pit mines and two past-producing underground mines
that yielded iron, copper, gold, and silver. Coast Copper's other
properties include its 100% owned Sully property located in
southeastern BC, Knob Hill NW property located on northern
Vancouver Island, its Home Brew property in central BC, and its
Scottie West property located in the
"Golden Triangle" of northern BC. Coast Copper's management team
continues to review precious and base metals opportunities in
western North America.
On Behalf of the Board of Directors:
"Fletcher
Morgan"
Fletcher Morgan,
Chair
NR24-09
Cautionary Notes related to News Release
¹ This
news release may contain information about adjacent properties on
which Coast Copper has no right to explore or mine. Investors are
cautioned that mineral deposits on adjacent properties are not
indicative of mineral deposits on the Company's properties.
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
Certain information contained or incorporated by reference in
this press release, including any information regarding the
proposed Transaction, private placement, board and management
changes, as to our strategy, projects, plans or
future financial or operating performance, constitutes
"forward-looking statements." All statements, other than statements
of historical fact, are to be considered forward-looking
statements. Forward-looking statements are necessarily based on a
number of estimates and assumptions that, while considered
reasonable by Coast Copper, are inherently subject to significant
business, economic, geological and competitive uncertainties and
contingencies. Although Coast Copper believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not a guarantee of
future performance. Known and unknown factors could cause actual
results to differ materially from those projected in the
forward-looking statements. Such factors include but are not
limited to: fluctuations in market prices, exploration and
exploitation successes, continued availability of capital and
financing, changes in national and local government legislation,
taxation, controls, regulations, expropriation or nationalization
of property and general political, economic, market or business
conditions. Many of these uncertainties and contingencies can
affect our actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future performance
and, therefore, readers are advised to rely on their own evaluation
of such uncertainties. All of the forward-looking statements made
in this press release, or incorporated by reference, are qualified
by these cautionary statements. We do not assume any obligation to
update any forward-looking statements.
SOURCE Coast Copper Corp.