VANCOUVER, British Columbia, December 17, 2012 /PRNewswire/ --
Copper North Mining Corp. ("Copper North" or "the Company") (TSX.V: COL) is pleased to announce it has signed a Letter of Intent ("LOI") with the Little Salmon Carmacks First Nation ("LSCFN") with respect to consultation on the Carmacks Copper Project ("the Project") in Yukon, Canada.
The Project is located in the LSCFN Traditional Territory and the consultation will allow the First Nation to fully understand the Project and how it will interact with their traditional land uses.
President and Chief Executive Officer, Dr. Sally Eyre stated, "I am delighted that together, the Company and LSCFN have been able to establish a framework to continue consultation regarding the Project. Copper North and LSCFN each support and promote a co-operative and mutually respectful relationship concerning the environmental assessment process." Eyre further stated, "Following technical review of the Project, and providing that the concerns of the LSCFN have been reasonably resolved by the Company, we will work towards executing an Impact and Benefits Agreement ("IBA")."
Chief Eric Fairclough of LSCFN added, "We are encouraged by the Company's willingness to ensure that our citizens know and understand the merits of this proposed project, and this LOI signifies our mutual commitment to informed, respectful decision making."
- Establishes the framework for consultation with LSCFN prior to submission of the Project Proposal to YESAB for the Executive Committee Screening Assessment and throughout the Quartz Mining Licence and Water Use License regulatory processes;
- Commits Copper North to provide financial support to LSCFN so they may retain independent technical advice with respect to the assessment of the project and LSCFN may actively and productively participate in the assessment and regulatory processes;
- Defines the communications protocol and relationship between Copper North and LSCFN, ensuring regular communication and full exchange of technical information related to the Project; and,
- Provides for the negotiation of an IBA, providing that the concerns of LSCFN related to the Project have been reasonably resolved by Copper North.
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 high-grade, stratiform-copper Redstone Property, located in the Northwest Territories. Copper North trades on the TSX Venture Exchange under the symbol COL.
Please visit http://www.coppernorthmining.com.
On behalf of the Board of Directors:
"Sally L. Eyre"
Dr. Sally L. Eyre
President, CEO and Director
This news release includes certain forward-looking information or forward-looking statements (collectively "Forward-Looking Information") for the purposes of applicable securities laws. Forward-Looking Information includes, but is not limited to, statements with respect to proposed exploration and development activities and their timing and potential mineralization; possible events, conditions or performance that are based on assumptions about future courses of action; the timing and costs of future exploration and development activities on Carmacks; permitting and infrastructure time lines and requirements; requirements for additional water rights; and operating cost estimates. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "plans", "expects" or "does not expect", "scheduled", "estimates", anticipates", "potential", "recommends" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would" or "will be taken", "occur" or "be achieved". These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the timing and success of future exploration and development activities, exploration and development risks, market prices, exploitation and exploration results, availability of capital and financing, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that the proposed exploration and development of Carmacks will proceed as planned, market fundamentals will result in sustained metals and mineral prices, current exploration and other objectives concerning Carmacks can be achieved and that the Company's other corporate activities will proceed as expected and any additional financing needed will be available on reasonable terms. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described herein, 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 Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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.
For further information:
SOURCE Copper North Mining Corp.