Follow Us! Like Our Page!

Copper North Announces $800,000 Financing and Review of Carmacks Copper Development Plan

Mar 10, 2014

Vancouver, British Columbia – Copper North Mining Corp. (“Copper North” or the “Company”) (TSX.V:COL) announces that it plans to raise up to $800,000 through the sale of up to 16,000,000 units (the “Units”) at a price of $0.05 per Unit by means of a non-brokered private placement (the “Private Placement”).

Each Unit will consist of one common share of the Company (a “Share”) and one non-transferable warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share at a price of $0.07 for a period of 24 months from closing.

The Company intends to use the proceeds from the Private Placement to complete the review of the Carmacks Copper Project described below and for general corporate purposes. The Private Placement is subject to TSX Venture Exchange approval and all securities will be subject to a four month hold period.

The Company intends to undertake a review of the Carmacks Copper Project before submitting its project proposal to the Yukon Environment and Socio-economic Assessment Board. Part of the review will include evaluating the potential to recover gold and silver in addition to the currently proposed copper production. Previous metallurgical studies indicate that the leached copper ores are amenable to cyanide leaching for gold and silver. The potential recovery of gold and silver provides a somewhat unique opportunity to increase revenue during operations, improve overall project economics, and reduce the by-product cost per pound of copper produced.

The advancement of the Carmacks Copper Project will be the immediate focus of the Company. The Carmacks Copper Project is an advanced stage copper project in south-central Yukon. The feasibility study completed in October 2012 indicates that the project has attractive economics at current copper prices (see November 1, 2012 News Release).

The Company also intends to explore additional, less dilutive opportunities for financing the development of the Carmacks Copper Project, perform a strategic review of the Redstone Project in the Northwest Territories, and evaluate opportunities to acquire advanced projects that it believes will create value for its shareholders.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. 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 unless registered under the U.S. Securities Act and applicable securities laws or an exemption from such registration is available.

On behalf of the Board of Directors:
Dr. Harlan Meade
President, CEO and Director

For Further Information
Julien François
Chief Financial Officer
Tel: 604.638.2505
Email: [email protected]

About Copper North

Copper North is a Canadian mineral exploration and development company. Copper North’s assets include the Carmacks Copper Project located in the Yukon, and the Redstone Property located in the Northwest Territories. Copper North trades on the TSX Venture Exchange under the symbol COL.


 498 total views,  2 views today

NationTalk Partners & Sponsors Learn More