VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/27/15 -- Global Copper Group Inc. (TSX VENTURE: ICU) (formerly known as Galaxy Graphite Corp.) is pleased to announce that it has signed an option to purchase the Rambo property (the "Property") subject to regulatory acceptance. The Property consists of 1474 Hectares, and is located in south central British Columbia approximately 75 km north of Kamloops. The Property is considered to be highly prospective for hosting volcanogenic massive sulphide (VMS) with high grade Cu + Zn-Ag-Au mineralization. The property is readily accessible by a series of forestry roads.
The geological setting appears to be identical to the Chu Chua, which lies immediately to the north of the Property. The Chu Chua is owned my Newport Exploration Ltd. and hosts a NI 43-101 compliant Inferred Mineral Resource of 2.5 million tonnes averaging 2.04% Cu. 0.33% Zn, 9.41 g/t Ag and 0.48 g/t Au (with a cut-off grade of 1.0% Cu) (Technical Report dated August 15, 2014 - filed on SEDAR by Newport Exploration Ltd.).
The Chu Chua property is underlain by the Mississippian to Permian-aged Fennell Formation. The deposit is hosted by the Upper Structural Division of the Fennell, and comprises pillowed to massive basalt flows, diabase sills, argillite and rare chert. Deformation in the Fennell is not intense. The formation has been regionally metamorphosed to lower greenschist facies. Massive sulphide mineralization occurs vertical to near-vertical lenses, with chalcopyrite being the main copper mineral.
The option has been acquired subject to the payment of $15,000.00 CDN and the issuance of 1.4 million shares. Of which $5000.00 is payable on signing, followed by a $10,000.00 CDN payment and an aggregate 700,000 common shares upon exchange approval, in addition incur $100,000 in exploration expenditures followed by a further 700,000 common shares on or before 18 months from the effective date. The project is subject to a 2% NSR.
"This is the first step towards Global Copper pursuing top quality copper prospects," Daniel Caamano, President & CEO, commented. "The Company has implemented a strict policy with regards to what Global Copper's technical team requires, in order to consider copper projects. The Rambo property meets our criteria and, upon Exchange approval and weather permitting, Global Copper will begin preliminary exploration on the Property. In addition, Global Copper continues to actively pursue other identified opportunities ranging from raw exploration prospects to advanced stage assets."
The Board of Directors also announces that all previously granted options to purchase shares of the Company (totaling 525,000) have been voluntarily cancelled.
Chris M. Healey. P.Geo, a Director of Global Copper Group is the qualified person responsible for the technical content of this release, and consents to its release.
About Global Copper Group Inc.
Global Copper Group Inc. is a publicly traded Canadian exploration company listed on the TSX-Venture Exchange (TSX-V: ICU) refocused after its recent reorganization on copper exploration and development. The company plans to acquire, de-risk and advance copper assets in mining friendly jurisdictions prior to seeking joint venture partnerships.
On behalf of the Board of Directors
Daniel Caamano, President and CEO
Global Copper Group Inc.
We seek safe harbor.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Forward Looking Information
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Contacts:
Global Copper Group Inc.
Daniel Caamano
President & CEO
604.620.7737
Global Copper Group Inc.
Judy A. McCall
Corporate Secretary
604.620.7737
