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Columbus Copper Options Kavaklitepe Gold Project, Turkey
Vancouver, B.C., September 17, 2013 - Columbus Copper Corporation (CCU: TSX-V) (formerly Empire Mining Corporation) ("Columbus Copper") is pleased to announce that it has entered into an agreement (the "Agreement") with S2M2 Coal PTY LTD ("S2M2"), under which it has granted an option for S2M2 to earn up to a 70% interest in Columbus Copper's wholly-owned Kavaklitepe Gold Project located in western Turkey (the "Property").
Under the Agreement, S2M2 may earn an initial 51% interest in the Property over three years by, among other things, making $400,000 in cash payments of which $250,000 is payable by October 9, 2013 and completing $2,500,000 in cumulative exploration expenditures on the Property. If S2M2 earns the initial 51% interest in the Property, it may elect to earn a further 19%, for 70% total, by paying Columbus Copper an additional $500,000 and by completing a bankable feasibility study within a four year period. The Agreement contains other terms and conditions that are standard for an option/joint venture contract.
Columbus Copper reported the discovery of gold mineralization at Kavaklitepe in a news release dated January 17, 2013. The original discovery was made by following up a stream sediment anomaly with 5.2 grams per tonne ("gpt" ) gold from a rock chip composite in a stream bed outcrop. A small trench in an adjacent road cut was opened up perpendicular to the observed mineralization strike and returned a weighted average grade of 2.67 gpt over 21 metres of exposure. About 1.4 kilometres northwest from the discovery outcrop follow up on a soil sample anomaly, peaking at 6.05 gpt gold, led to identification of a brecciated zone striking 50NE with low-sulphidation epithermal gold signature. Four rock samples collected there returned 28.2 gpt, 21.7 gpt, 6.7 gpt and 3.66 gpt gold respectively (see news release of March 1, 2013). Further rock sampling in this zone confirmed the presence of high-grade gold mineralization returning 54.0 metres of continuous rock chips with an average grade of 3.33 gpt, including 21.5 metres grading 7.2 gpt gold. Columbus Copper also collected a total of 2,127 soil samples on the project in 50 metre x 50 metre and 100 metre x 100 metre grids covering an area of approximately 11 square kilometres, of which 176 samples returned gold grades higher than 50 ppb, 112 - higher than 100 ppb and 40 - higher than 250 ppb with 9 of these samples containing more than 1000 ppb (1 gpt) gold. The soil sampling outlined a potentially mineralized zone measuring 850 metres by 250 metres and continuing for another 800 metres to the southwest and possibly displaced by a northwest southeast trending fault at its southern margin. For additional technical information on the Property, please refer to the Columbus Copper news release dated June 11, 2013.
Columbus Copper's Qualified Person, David C. Cliff, BSc (Hons), MIMMM, C Eng., FGS, also Columbus Copper's President & CEO, has reviewed and approved the content of this news release.
ABOUT S2M2
S2M2 Coal Pty Ltd is a private unlisted Australian company with Australian and international shareholders. The company is actively pursuing high quality mineral exploration and development opportunities in low risk jurisdictions. In addition to entering into the Agreement with Columbus Copper on the Kavaklitepe Gold Project in western Turkey, the company holds mineral licenses prospective for gold in Western Australia. The company is in the process of divesting its Indonesian coal assets.
ON BEHALF OF THE BOARD,
Robert F. Giustra
Chairman
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 more information contact:
Investor Relations
(604) 634-0970, or
1 888 818-1364
info@columbusgroup.com
This release contains forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"), respecting the Agreement. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including without limitation S2M2's ability and desire to fund exploration at the Property; S2M2's ability to make applicable payments and complete a bankable feasibility study in connection with the options; S2M2's desire to exercise the options; S2M2's desire to terminate the Agreement early; political risk; environmental compliance; cost increases; availability of qualified workers; competition for mining properties; risks associated with exploration projects, mineral reserve and resource estimates (including the risk of assumption and methodology errors); dependence on third parties for services; non-performance by contractual counterparties; title risks; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about: that S2M2 will be willing and able to fund exploration at the Property and to exercise the options; that S2M2 ability to make applicable payments and complete a bankable feasibility study in connection with the options; general business and economic conditions; the timing and receipt of required approvals; availability of financing; power prices; ability to procure equipment and supplies; and ongoing relations with employees, partners and joint venturers. The foregoing list is not exhaustive. Although Columbus Copper has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be 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 in such statements. Columbus Copper undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
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