VANCOUVER, BC / ACCESSWIRE / August 14, 2017 / CopperBank Resources Corp. ("CopperBank" or the "Company") (CSE: CBK) (OTC PINK: CPPKF) is pleased to announce that its technical team has completed a site visit to its 100% controlled Pyramid project. There are currently two diamond core drill rigs at the project completing the previously announced phase one Summer 2017 drilling program. After the site visit, it was determined that drilling should be expanded to include phase two proposed drill hole locations to assist in providing additional information. Subject to drilling results, the Company plans to update the historical maiden inferred mineral resource estimate from 2013. Consultants from SRK Consulting (Canada) Inc. ("SRK"), authors of the historical resource estimate, were also part of the recent site visit.
To facilitate the additional phase two drilling program, the Company announces a private placement financing of up to CDN $750,000 at 0.15 per share. Each common share will come with a full five-year warrant exercisable at 0.25 per share. If the common shares of the Company trade at 0.40 per share for twenty consecutive trading days, the Company can accelerate the conversion of these warrants.
Gianni Kovacevic, CopperBank Executive Chairman, comments, "The team's site visit was very informative. There were a number of professional geoscientists and engineers present to carefully consider the historical drilling results, the effectiveness of the current phase one drill program, and the rationale to expand and continue drilling."
The private placement is subject to the approval of the Canadian Securities Exchange and the securities will be subject to a four month and one day hold period under securities laws.
The Company intends to use the net proceeds from the private placement for the above-mentioned drilling program and for general working capital and corporate purposes.
About Pyramid
The Pyramid deposit is a copper-molybdenum-gold exploration project where CopperBank has an option to earn a 100% interest. The project is located on private property with the subsurface controlled by The Aleut Corporation, an Alaska Native-owned corporation. Applying a 0.4% copper cut-off, Pyramid has a historic (SRK, June 2013) NI 43-101 resource estimate with inferred mineral resources of 122 million tonnes at 0.41% copper, 0.02% molybdenum, and 0.10 g/t gold. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources.
For more information on CopperBank Resources visit the website at www.copperbankcorp.com. Brigitte Dejou, P.Geo and Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this release.
On behalf of CopperBank Resources Corp.
"Gianni Kovacevic"
Executive Chairman
Address: Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2
Tel: 604-889-0852
E-mail: [email protected]
Website: www.copperbankcorp.com
Advisory Regarding Forward-Looking 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 to the Company's ongoing review of its existing portfolio, the involvement of CopperBank in any potential divestiture, spin-out, partnership or other transactions involving the Company's portfolio assets, and the ability of the Company to complete any such transactions, the ability of CopperBank to enter into transactions that will ultimately enhance shareholder value, and potential future work or activities in respect of the Pyramid project or the Contact project. 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.
SOURCE: CopperBank Resources Corp.