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Goldseek Commences 5,000m Drill Program At Beschefer Project

 

Highlights:

– Approximately 5,000 meters of drilling is currently underway at Beschefer

– A combination of infill and expansion targets are…

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Highlights:

  • - Approximately 5,000 meters of drilling is currently underway at Beschefer

  • - A combination of infill and expansion targets are planned with a focus on extending the historical high-grade zones (55.63 g/t gold over 5.57 metres; 10.28 g/t gold over 8.00 metres, and 12.40 g/t gold over 3.78 metres)

 

London, Ontario – TheNewswire - August 19, 2021Goldseek Resources Inc. (CSE:GSK) (CNSX:GSK.CN) (OTC:GSKKF) (“Goldseek” or the “Company”) is pleased to announce the commencement of our 5,000-meter drill program at the Beschefer Project. The Beschefer Project is located approximately 30 kilometers southwest of Wallbridge’s Fenelon Gold property. On March 3rd, 2021, the Company entered into an option agreement on the Beschefer Project to earn 100% over 4 years from Wallbridge Mining Company Limited (see news release dated March 3, 2021).

 

Overview of the Drill Program

 


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Goldseek has budgeted approximately 5,000m of diamond core drilling for high priority infill and extension targets at its Beschefer Project along the Detour Gold Trend. The program includes 22 planned holes with lengths ranging from 100 to 380 meters. It aims to complete the following objectives:  

  • - Resource Drilling (20m): Close range extensions of historical intercepts with strong metal factors and grade above 10g/t using an average spacing of 20 meters.

    - Resource Drilling(50m): Completing infill and delineation inside known lenses at a targeted spacing between 25 and 50 meters. The objective is to create links between widely spaced previous drill holes with similar geological characteristics.

    - Expansion Drilling: Testing the lateral extension of the East lens. The modelled geometry supports the identification of a previously undrilled blind target corresponding to the eastern extension of the actual lens.

 

Full details on drill targets and 3D model of the gold zones will be provided in subsequent news releases.


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VIDEO: Goldseek CEO Update

Goldseek's President & CEO Jon Deluce states, “We are excited to start our first drill program on the Beschefer Project, which has demonstrated size and grade potential. We look forward to highlighting the near-resource stage of the project and expansion potential through our upcoming 3D modelling details and drill results. We have a catalyst packed remainder of the year, which is summarized below:”


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About the Beschefer Project:

  • - Advanced gold exploration project with significant near-term resource potential

    - Located in a favourable orogenic gold setting 45 km northeast of the Casa Berardi Mine and 30 km southwest of Wallbridge’s Fenelon Project.

    - Highlights of the best intersections include 55.63 g/t gold over 5.57 metres in hole BE13-038 (including 224 g/t over 1.23m ; 13.95 g/t over 0.68m and 13.70 g/t over 0.73m), 13.07 g/t gold over 8.75 metres in hole B12-014 (including 58.5 g/t over 1.5m), 3.56 g/t gold over 28.4 metres in hole B14-006 (including 7.42 g/t over 5.5m), 10.28 g/t gold over 8.00 metres in hole B14-35 (including 86.74 g/t over 0.60m), and 12.40 g/t gold over 3.78 metres in hole B11-003. True width in these sections vary between 89% and 99% of the intercepted width.

    - The mineralization shows high-grade gold-bearing structures hosted in a lower grade envelope, which highlights the regional potential along the already defined shear zones located on the Property.

    - Continuous large-scale gold-bearing structure (B-14 Zone) with known continuity and additional known parallel mineralized shear zones.

 

Qualified Person

This press release was prepared by Martin Demers P.Geo,OGQ (#770), who is a qualified person as defined under National Instrument 43-101, and who has reviewed and approved the geological information provided in this news release.

 

About Goldseek Resources Inc.

Goldseek Resources Inc. is a Canadian exploration company with a portfolio of assets in Ontario and Quebec, Canada. By identifying six projects in world-class mining locations, Goldseek is poised to deliver shareholder value through rigorous exploration and development on these properties. Our mission is to find the next major discovery in the mining camps of Urban Barry, Quevillon, Val D’Or, and Detour Gold Trend in Quebec and Hemlo in Ontario.

 

ON BEHALF OF THE BOARD

Jonathon Deluce

Chief Executive Officer

Telephone: 226-271-5170

 

For more information, please contact:

Goldseek Resources Inc.

E-mail: goldseekresources@gmail.com

 

The reader is invited to visit Goldseek's web site https://www.goldseekresources.com/

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2021 TheNewswire - All rights reserved.

Today’s News

Canada One to Option Franelle Copper Project, Quebec Canada

Vancouver, Canada – TheNewswire – September 16, 2021 – Canada One Mining Corp. (the “Company” or “Canada One”) (TSXV:CONE) is pleased to announce…

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Vancouver, Canada – TheNewswire - September 16, 2021 – Canada One Mining Corp. (the “Company” or “Canada One”) (TSXV:CONE) is pleased to announce that it has entered into an option agreement, effective date August 31st, 2021 (the “Agreement”), pursuant to which the Company will acquire the right to earn a 100% interest, subject to a 2% royalty, in the Franelle Copper Project (the “Project”, or the “Property”), a 31 square kilometre contiguous property located 90 kilometres northwest of Schefferville, Quebec, from Messrs. Fayz and Ramy Yacoub (the “Vendors”), arm’s length parties (the “Transaction”).

Key Highlights

  • - The Project hosts 4 mineralized zones: Franelle, Bennelle, Reuben and Beluet

    - The Franelle zone currently extends westwardly 2,600 metres along a 7000-metre gabbro dyke that has an average width of 60 to 75 metres

    - Three programs of diamond drilling at the Franelle zone intersected significant widths of copper mineralization, including:

    • - 2.42% copper over 13.7m within 32m of 1.12% copper

      - 0.86% copper over 25.3m within 50.3m of 0.51% copper;

      - 0.80% copper over 14.9m within 33.2m of 0.59% copper within 173.4m of 0.29% copper;

      - 0.56% copper over 39m

    - Grab sample copper highlights include: 6.15% and 4.83% from the Beluet zone, 2.06%, 1.73% and 1.68% from the Bennelle zone

    - Chip sample highlights include: 4% copper and 6.9 g/t silver over 0.40 metres and 2.61% copper and 2.5 g/t silver over 2.5 metres from Reuben zone

 

Canada One cautions investors selected grab samples are selected samples and are not necessarily representative of mineralization hosted on the Project. The true width of the mineralization is unknown at this time.

 

“The Franelle Copper Project represents an excellent opportunity for Canada One shareholders,” commented CEO Peter Berdusco. “The strong copper grades over good widths immediately attracted us to the project and we plan to undertake a comprehensive review of the historical data to drive the upcoming exploration program.”

 

The Agreement

The Company can earn a 100% interest in the Franelle Copper Project, subject to a 2% net smelter return royalty by meeting the following terms:

  • - Issuing 3,000,000 shares as follows:

    • - 500,000 Shares within five business days of approval of the TSX Venture Exchange (the “Approval Date”);

      - An additional 500,000 Shares on or before the first anniversary of the Approval Date;

      - An additional 500,000 Shares on or before the second anniversary of the Approval Date;

      - An additional 500,000 Shares on or before the third anniversary of the Approval Date;

      - An additional 500,000 Shares on or before the fourth anniversary of the Approval Date; and

      - An additional 500,000 Shares on or before the fifth anniversary of the Approval Date.

    - Making cash payments totaling $300,000 as follows:

    • - $25,000 payable on signing of the Agreement as non-refundable deposit;

      - An additional $25,000 payable within 15 days from signing of the Agreement as further non-refundable deposit;

      - An additional $50,000 payable on or before the first anniversary of the Approval Date;

      - An additional $50,000 payable on or before the second anniversary of the Approval Date;

      - An additional $50,000 payable on or before the third anniversary of the Approval Date;

      - An additional $50,000 payable on or before the fourth anniversary of the Approval Date; and

      - An additional $50,000 payable on or before the fifth anniversary of the Approval Date.

    - Incurring $5,000,000 in Exploration Expenditures on the Property as follows:

    • - $250,000 within 12 months from the Approval Date;

      - An additional $250,000 within two years from the Approval Date;

      - An additional $250,000 within three years from the Approval Date;

      - An additional $250,000 within four years from the Approval Date;

      - An additional $250,000 within five years from the Approval Date; and

      - An additional $3,750,000 at any time, in any number of proportions and amounts, within five years from the Approval Date

 

In addition, in the event the Company files a technical report supporting the disclosure of a mineral reserve on the Project at any time prior to the acquisition of the Project, the Company shall issue an additional 1,000,000 shares as a bonus to the Vendors.

 

The Company can purchase 50% (or 1%) of the net smelter return royalty on the Project at any time for $2,000,000.

 

The Vendors of the Project, Messrs. Fayz and Ramy Yacoub, are arm’s length parties.  No finders’ fees or commissions are payable in connection with completion of the Transaction.  In connection with completion of the Transaction, it is contemplated that the Company will complete a non-brokered private placement to raise additional capital to satisfy obligations under the Agreement and to further develop the Project.  Further information regarding the terms of the placement will be provided as soon as available.

 

Closing of the Transaction remains subject to the completion of a technical report in respect of the Property, completion of financing on terms acceptable to the Company, and the approval of the TSX Venture Exchange. The Transaction cannot be completed until approval of the TSX Venture Exchange is received. Trading in the common shares of the Company has been halted on the TSX Venture Exchange and is expected to remain halted pending completion of further filings with the TSX Venture Exchange.

 

Project Overview

 

The Franelle Copper Project hosts 4 mineralized zones: Franelle, Bennelle, Beluet and Reuben.

The Franelle zone trends NNW 2600m along a 7000m long gabbro dyke with an average width of 60m to 75m. Mineralization consists of native copper, and copper oxides and sulfides with some potential supergene enrichment. Mineralization occurs as dissemination within the gabbro and with veins, veinlets and stockworks cutting the gabbro and the metasedimentary host rock. Three programs of diamond drilling tested the gabbo between the mid 1970’s and the mid-1990’s. A historic resource was calculated in 1976. The Company will to review the historic data before disclosure. (Diamond Drill Logs, Lac Musset Property, 1995 Energie et Ressources Naturelles Quebec Report GM 53794).

 

The Bennelle zone consists of veins, veinlets and disseminations of copper mineralization intersecting a gabbro sill intruded into arkosic red sandstone. The Franelle and Bennelle zones may lie along the same gabbro. Mineralization consists of native copper, and copper oxides and sulfides, and has been traced 450m along strike and ranges from 1m to 3m in thickness. Grab sample highlights include 2.06% copper, 1.73% copper and 1.68% copper. (Source: “Gitologie Des Indices De Cuivre Du Lac Musset, Fosse Du Labrador par B. Brassard (1984), Energie et Ressources Naturelles Quebec Report MB84-03).

 

Mineralization at the Beluet zone is hosted in an altered shear zone within sandstones in fault contact with gabbros and consists of malachite, azurite and chrysocolla accompanied by chalcopyrite.  The shear zone has been traced 50m along strike and is 5m thick. Grab sample highlights include: 6.15% copper and 4.83% copper. (Source: Metallic Deposit 23O/11-004 1995 Energie et Ressources  Naturelles Quebec)

 

The Reuben zone, a 30-metre wide stockwork of gabbro hosting calcite and epidote veins carrying chalcopyrite and malachite, and has been traced intermittently 425 metres along strike. Individual showings along the trend range from 60 metres by 6 metres to 15 metres by 1.5 metres. Chip sample highlights include: 4% copper and 6.9 g/t silver over 0.40 metres and 2.61% copper and 2.5 g/t silver over 2.5 metres. Source:  (Diamond Drill Logs, Lac Musset Property, 1995 Energie et Ressources  Naturelles Quebec Report GM 53794).

 

Canada One cautions investors it has not yet verified the above historic data.

  

Qualified Person

 

R. Tim Henneberry, P Geo (British Columbia), a consultant to Canada One, is the Qualified Person who has reviewed and approved the technical content of this news release on behalf of the Company.

 

For further information, interested parties are encouraged to visit the Company’s profile on SEDAR (www.sedar.com) or contact the Company by telephone at 1.877.844.4661.

On behalf of the Board of Directors of

 

CANADA ONE MINING CORP.

Peter Berdusco

President and Chief Executive Officer

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.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.  When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information.  These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for gold, and other factors or information.  Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties.  Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements.  The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

 

Copyright (c) 2021 TheNewswire - All rights reserved.

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Energy & Critical Metals

Benton and Sokoman Shares Rise After Confirming 1st High-Grade Lithium Discovery

Composite grab sampling returns 2.37% Li2OThunder Bay, Ontario–(Newsfile Corp. – September 16, 2021) – Benton Resources Inc. (TSXV: BEX) ("Benton") and…

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Composite grab sampling returns 2.37% Li2O

Thunder Bay, Ontario--(Newsfile Corp. - September 16, 2021) - Benton Resources Inc. (TSXV: BEX) ("Benton") and Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman") (together, "the Alliance") are pleased to announce analyses for 35 of 58 follow-up samples from the recently discovered swarm of Lithium-bearing pegmatite dikes on the Golden Hope Joint Venture Project in southwestern Newfoundland. The 35 grab and chip samples were collected over a 1 km2 area over the swarm of poorly-exposed pegmatite and aplite dykes. The follow-up sampling has confirmed that the pegmatites carry significant Lithium values, the first significant occurrence of Lithium documented in the province of Newfoundland and Labrador, Canada.

  • 31.4% of the samples gave values >1% Li2O
  • The Lithium-bearing samples were taken over a poorly-exposed pegmatite swarm covering 1 km2
  • Additional results are pending (23 samples) along a 1 km strike of pegmatites
  • Lithium, Beryllium, Cesium, Rubidium and Tantalum values were located 2 km to the west of the initial discovery

Of the 35 samples, 11 gave values greater than 1% Li2O with three greater than 2% Li2O, and a high of 2.37% Li2O. The dominant Lithium-bearing mineral appears to be spodumene (LiAl(SiO3)2) which occurs as clusters of elongated prismatic crystals up to 5-cm-long in a grey-white matrix of glassy quartz and feldspar and a pale-green to white mica (see photo of sample 361716). Multiple samples from the aplite dikes give highly-anomalous Cesium (17 ppm to 508 ppm Cs), Rubidium (226 ppm to 1310 ppm Rb) and Tantalum (5 ppm to 179 ppm Ta), typical of evolved pegmatite swarms. Samples 361715-718 were a series of 0.5 m2 composite samples from the discovery outcrop that measures 10m x 3m and is 100% pegmatite. The dike margins are overburden covered and actual width of the dike is not known. All other samples were taken over the broader mineralized area. The following table gives the results for the composite samples and other higher-grade Li values from the area.

Summary of Significant Results (>500 ppm Li)
Sample Li ppm* Conversion % Li2O
361715 1.10% 2.153 2.37
361716 8450 2.153 1.82
361717 7030 2.153 1.51
361718 5550 2.153 1.19
361725 9950 2.153 2.14
361726 4080 2.153 0.88
717102 3240 2.153 0.70
717103 1.01% 2.153 2.17
717104 5290 2.153 1.14
717105 7190 2.153 1.55
717106 6450 2.153 1.39
717107 3390 2.153 0.73
717110 734 2.153 0.16
717111 1080 2.153 0.23
717112 7240 2.153 1.56
717113 8410 2.153 1.81

 
* Li shown as ppm except where noted as %



Spodumene crystals in Sample 361716 (1.82% Li2O)

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/3657/96784_a898e1efb4b52bc8_003full.jpg

The Alliance also discovered high-grade Beryllium values with 2 grab samples grading >5000 ppm Be, with others ranging from 6 ppm to >5000 ppm Be, with associated anomalous Lithium, Cesium, Rubidium and Tantalum values. These samples, mineralogy unknown, are located approximately 2 km to the west of the Li discovery, providing further evidence that it is an evolved pegmatite system. Additional samples, taken up to 1,000 m along strike, have been submitted for analysis and are pending.

  Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2021/09/4a172a527b7e9753f86ca47622bf0bec.jpg

Map outlining Golden Hope Project Pegmatite Sampling

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/3657/96784_a898e1efb4b52bc8_004full.jpg

Samples were submitted to Actlabs in Ancaster, Ontario for analysis by Sodium Peroxide Fusion ICPOES + ICPMS.

Benton's President and CEO Stephen Stares states: "The discovery of this new Lithium, Beryllium, Cesium, Tantalum and Rubidium mineralization in Newfoundland continues to show the Island's vast potential. Although this is the first discovery of Lithium in Newfoundland, the geological environment and setting to discover these types of large systems have already been proven and discovered in the Appalachian belt. This includes the important deposits held by Piedmont Lithium Inc in the Carolinas, eastern US, as well as the geologically equivalent Avalonia Project being advanced by Ganfeng Lithium in the Caledonides of Ireland. Benton and Sokoman will use these deposits for synergies and modeling as we advance this new discovery towards drilling."

Sokoman's President and CEO Tim Froude adds: "We are very pleased to have unequivocally verified high-grade Lithium mineralization at Golden Hope, the first such significant occurrence in Newfoundland. While still early days, significant Lithium mineralization in similar geological settings, elsewhere in the greater Appalachian belt, bodes well for the potential of this discovery to be of significance to our shareholders. While continuing to explore the pegmatites for Li and associated elements, the claims were originally staked for gold and we are presently processing and merging our recently-flown airborne data with pre-existing data to highlight gold targets on the 750 sq km property."

The Alliance has completed a 5,709 line-km Heliborne, High-Resolution, Aeromagnetic & Matrix Digital VLF-EM Survey, flown by Terraquest Ltd. The survey will provide the structural/ lithological setting to help identify gold-bearing structure extensions, as well as any unrecognized structures including those potentially related to the Lithium-bearing pegmatites.

QP

This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., and Nathan Sims, P.Geo., Senior Exploration Manager for Benton Resources Inc., both the 'Qualified Person' under National Instrument 43-101.

COVID-19 Protocols

To ensure a working environment that protects the health and safety of the staff and contractors, Sokoman and Benton are operating under federally and provincially mandated and recommended guidelines during the current COVID-19 alert level.

About Sokoman Minerals Corp.

Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The Company's primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, Crippleback Lake (optioned to Trans Canada Gold Corp.) and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The company also recently entered into a strategic alliance with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims - 1,500 sq. km), making it one of the largest landholders in Newfoundland, Canada's newest and rapidly-emerging gold districts. The company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the Company has a 100%-interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.

About Benton Resources Inc.

Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio in Gold, Silver, Nickel, Copper, and Platinum Group Elements and currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties for potential long-term cash flow. Benton has also recently entered into a 50/50 strategic alliance with Sokoman Minerals Corp. (TSXV: SIC) through three large-scale joint venture properties including Grey River, Golden Hope and Kepenkeck in Newfoundland that are now being explored.

For further information, please contact:

CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x251
Email: cathy@chfir.com

Sokoman Minerals Corp.
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com

Benton Resources Inc.
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca

Website: www.bentonresources.ca, www.sokomanmineralscorp.com
Twitter: @BentonResources, @SokomanMinerals
Facebook: @BentonResourcesBEX, @SokomanMinerals
LinkedIn: @BentonResources, @SokomanMinerals

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Companies' expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Companies prospects, properties and business detailed elsewhere in the Companies' disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Companies do not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Companies' expectations or projections.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/96784

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Today’s News

CopperBank Closes $5 Million Private Placement Financing

VANCOUVER, BC / ACCESSWIRE / September 16, 2021 / CopperBank Resources Corp. ("CopperBank" or the "Company") (CSE:CBK) announces that it has closed the…

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VANCOUVER, BC / ACCESSWIRE / September 16, 2021 / CopperBank Resources Corp. ("CopperBank" or the "Company") (CSE:CBK) announces that it has closed the previously announced non-brokered private placement offering (the "Offering") of units of the Company (the "Units") at a price of $0.40 per Unit, for aggregate gross proceeds to the Company of $5,000,000.

"It is great to close this financing so soon after taking over as CEO and seeing such strong demand from seasoned, long-term resource investors," said Paul Harbidge, President and Chief Executive Officer. "This financing bolsters the balance sheet as the Company progresses the advanced Copper Creek project in Arizona, as well as the Contact Copper project in Nevada. We look forward to demonstrating the value of these projects by developing geological models, updating the resource estimates and technical studies, as well as commencing exploration drilling on both properties."

Each Unit consists of one common share of the Company (a "Common Share") and one common share purchase warrant of the Company (a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.60 at any time up to five years following the closing of the Offering. No finder's fees were paid as part of this private placement.

The net proceeds received by the Company from the Offering will be used to advance the Company's Copper Creek and Contact Copper exploration projects, as well as for general working capital purposes.

The Common Shares and Warrants to be issued under the Offering will have a hold period of four months and one day from the closing of the Offering.

Paul Harbidge and Russell Ball, both insiders of the Company, subscribed for a total of 3,000,000 Units under the Offering, both of which subscriptions constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuance to the insiders is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the shares issued to the related parties did not exceed 25% of the Company's market capitalization.

About CopperBank

CopperBank is a Canadian exploration mining company focused on energy related metal exploration in The United States of America. The Company trades on the Canadian Securities Exchange under the symbol "CBK".

For additional information please contact:

Paul Harbidge, President and Chief Executive Officer

CopperBank Resources Corp.
Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2
Phone: 778-987-2761
E-mail: pharbidge@copperbankcorp.com
Website: www.copperbankcorp.com

Forward-Looking and Cautionary Statements

Certain information in this release constitutes forward looking statements or information ("forward-looking statements") under applicable securities laws and necessarily involves risks and uncertainties. Forward-looking statements included herein are made as of the date of this news release and, except as required by applicable law, CopperBank does not undertake any obligation to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Forward-looking statements relate to future events or future performance and reflect management of CopperBank's expectations or beliefs regarding future events. In certain cases, forward-looking statements can be identified by the use of words such as "plans", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology.

Examples of forward-looking statements in this news release include, but are not limited to, statements with respect the use of the net proceeds of the Offering by the Company. Although CopperBank believes that the expectations reflected in the forward-looking statements are reasonable, forward looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information available to CopperBank. Forward-looking statements are based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward looking information.

Such factors and assumptions include, but are not limited to, the Company's ability to identify and complete one or more transactions involving the Company's portfolio assets that enhance shareholder value as part of management's ongoing review of strategic alternatives in the current market conditions. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Such factors include, but are not limited to, the risk that the Company will not be able to identify and complete one or more transactions involving the Company's portfolio assets that enhance shareholder value as part of management's ongoing review of strategic alternatives in the current market conditions. Although CopperBank has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated by such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. For more information on CopperBank and the risks and challenges of its businesses, investors should review the continuous disclosure filings that are available under CopperBank's profile at www.sedar.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

SOURCE: CopperBank Resources Corp.



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