Superior Copper Terminates Net Smelter Royalty on Coppercorp Project and Announces Closing of Joint Venture Buy-Out
December 20 2013 - 1:00PM
Marketwired
Superior Copper Terminates Net Smelter Royalty on Coppercorp
Project and Announces Closing of Joint Venture Buy-Out
TORONTO, ONTARIO--(Marketwired - Dec 20, 2013) - Superior Copper
Corp. (TSX-VENTURE:SPC) ("Superior Copper" or the "Company") is
pleased to announce that it has bought back a 1.5% net smelter
royalty (the "NSR") that was previously applicable to certain
mineral claims on its flagship Coppercorp Project, located within
the Batchawana Copper Project. Superior Copper paid $36,000 in cash
and issued 450,000 shares in return for the repurchase and
extinguishment of the Company's obligations under the NSR. As a
result of this transaction, all claims within the 120 square
kilometre Coppercorp Project that the Company believes may be most
significant for exploration are now free of royalties. The only
remaining royalty in the area is a 1.25% net smelter royalty on
four claims acquired by the Company in 2012.
The NSR was held by a group of prospectors who staked the claims
in 2002 after a 30 year moratorium on staking in the area expired.
The moratorium was a result of improper closure of the Coppercorp
Mine and the nearby Tribag Mine in 1972-1973. The Coppercorp Mine
was rehabilitated by the Ontario Government and no environmental or
safety liabilities remain at the mine site.
The Company also announces that further to its news release of
December 17, 2013, it has completed the acquisition of First
Minerals Exploration Limited's 50% interest in certain claims at
the Coppercorp Property. As a result, Superior Copper now retains a
100% interest in the 101 unpatented mining claims constituting the
Coppercorp Property.
Superior Copper Corporation
Superior Copper Corporation is a Canadian-based exploration
company focused on base and precious metal exploration. The
Company's primary objective is to target highly prospective and
underexplored mineral properties, particularly copper, in order to
meet the increasing global demand. The Company has two key
exploration projects: the Batchawana Copper Project near Sault Ste.
Marie, Ontario, and the Rivière Doré Project in Quebec.
Shares Outstanding: 80,406,284
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange
("TSX-V") nor its Regulation Services Provider (as that term is
defined in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release. This News Release includes
certain "forward-looking statements". These statements are based on
information currently available to the Company and the Company
provides no assurance that actual results will meet management's
expectations. Forward-looking statements include estimates and
statements that describe the Company's future plans, objectives or
goals, including words to the effect that the Company or management
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as "believes",
"anticipates", "expects", "estimates", "may", "could", "would",
"will", or "plan". Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results relating to, among other things, results of exploration,
project development, reclamation and capital costs of the Company's
mineral properties, and the Company's financial condition and
prospects, could differ materially from those currently anticipated
in such statements for many reasons such as: changes in general
economic conditions and conditions in the financial markets;
changes in demand and prices for minerals; litigation, legislative,
environmental and other judicial, regulatory, political and
competitive developments; technological and operational
difficulties encountered in connection with the activities of the
Company; and other matters discussed in this news release. This
list is not exhaustive of the factors that may affect any of the
Company's forward-looking statements. These and other
factors should be considered carefully and readers should not place
undue reliance on the Company's forward-looking statements. The
Company does not undertake to update any forward-looking statement
that may be made from time to time by the Company or on its behalf,
except in accordance with applicable securities laws. Please see
our public filings at www.sedar.com for further
information.
Superior Copper CorporationBrian HowlettPresident &
CFO416.214.2275bhowlett@superiorcopper.caSuperior Copper
CorporationMorgan QuinnVP Corporate
Development416.214.2222mquinn@superiorcopper.cawww.SuperiorCopper.ca
SPC Nickel (TSXV:SPC)
Historical Stock Chart
From Dec 2024 to Jan 2025
SPC Nickel (TSXV:SPC)
Historical Stock Chart
From Jan 2024 to Jan 2025