April 28, 2016, Vancouver, BC -- Lorraine Copper Corp. ('Lorraine Copper' or 'the Company') (TSX-V: LLC) is pleased to Lorraine Copper Corp has entered into an agreement with Eastfield Resources Ltd. ('Eastfield Resources')
(TSX-V: ETF) to acquire a 40% interest in the OK (Okeover) copper-molybdenum project located near Powell River on the southern British Columbia coast. Under the terms of the agreement Lorraine Copper will issue $40,000 payable in cash and/or shares (valued at $0.05/share) to Eastfield Resources and assume responsibilities to cover its proportionate share of assessment work requirements on the property. Eastfield Resources will additionally be entitled to 20% of any option payments resulting from third party agreements with the project for a period of three years.
The OK project consists of 17 mineral claims dating to 1966 encompassing 6,313 hectares. Central to the claims is a north-south trending zone of porphyry mineralization extending approximately 6.0 km. One of these zones, the North Lake Zone, hosts an NI 43-101 compliant inferred mineral resource of 86.8 million tonnes grading 0.31% copper and 0.014% Mos2 (0.009% Molybdenum) [N.C. Carter, P.Eng, 2006, filed on SEDAR].
Concurrent with the sale of the 40% interest in OK, Eastfield Resources is lending Lorraine Copper $50,000 on commercial terms for expenditure on the company's mineral properties including OK and Lorraine.
J.W. Morton, P.Geo., is the qualified person, as defined by NI 43-101, who has reviewed and takes responsibility for this news release.
J.W. Morton, P.Geo.
J.W. Morton, P.Geo., President and CEO
Lorraine Copper Corp.
About Lorraine Copper Lorraine Copper holds a 49% interest in the district scale Lorraine project and shareholders have recently approved the acquisition of the remaining 51% interest from Teck. Lorraine Copper also recently announced a purchase agreement for the Okeover (OK) copper-molybdenum project. For more information please visit the Company's website at www.lorrainecopper.com.
FOR FURTHER INFORMATION REGARDING LORRAINE COPPER PLEASE CONTACT:
Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: (888) 656-6611
Email: [email protected]
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