Trading Symbol: CCY
VANCOUVER, Jan. 7, 2013 /PRNewswire/ - Catalyst Copper Corp. ("Catalyst" or "the Company") announces that it has provided Minera Torre de Oro SA de CV, a Mexican subsidiary of Teck Resources Limited, ("Teck") Notice (the "S-1 Expenditure Notice") that it has incurred +US$10 million of Expenditures and completed the required Work Commitments in accordance with the agreement (the "Agreement"), dated December 21, 2009, between Teck and Minera Hill 29 SA de CV ("Minera Hill", Catalyst's wholly owned Mexican subsidiary).
The date of delivery of the S-1 Expenditure Notice is defined in the Agreement as the Minera Hill Earn-In Date, being the date Minera Hill has exercised the S-1 Option and earned a 60% interest in the La Verde Property. Teck may elect, at any time up to the 60th day after the Minera Hill Earn-in Date to either:
(a) invoke its option (the "T-1 Option), by delivering Minera Hill Notice (the "T-1 Notice"), to earn back from Minera Hill a 20% interest in the La Verde property, so as to hold a 60% interest, by incurring and sole funding aggregate optional Expenditures equal to twice the Expenditures incurred by Minera Hill to a maximum of US$20 million within three years of the date of the T-1 Notice; or
(b) form a Joint Venture (through a holding company, "Holdco"), with the parties interests being 60% Minera Hill and 40% Teck.
Should Teck elect, or be deemed to have elected, to form a Joint Venture, or having elected to invoke the T-1 Option such option is subsequently terminated, Minera Hill will have the right for 60 days to purchase Teck's remaining 40% interest in the La Verde Property or Holdco.
The S-1 Expenditure Notice was delivered by Minera Hill to Teck in late December, 2012.
ON BEHALF OF THE BOARD OF DIRECTORS
OF CATALYST COPPER CORP.
"John W. Greenslade"
John W. Greenslade - President, CEO (Director)
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, risks associated with mineral exploration and mining activities, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Neither 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.
Quality Assurance: The Company employs a system of quality control for drill results which includes the use of blanks, certified reference materials (standards) and check assaying. Core is logged on site and split with a diamond saw. Samples are shipped to Acme Analytical Laboratories Ltd. for analysis. All elements with the exception of gold are analyzed by Aqua Regia digestion and ICP-ES analysis. Gold is analyzed by fire assay method.
SOURCE Catalyst Copper Corp.