Copper Reef Mining Corporation (CNSX: CZC) (the "Company") is pleased to announce that it has purchased additional NSR and NPI royalties (in addition to other interests) from A.L Parres Ltd. affecting 11 of the Company's 33 properties, as well as interests affecting 4 properties held by others. As consideration for the purchase of these royalty interests, the Company paid cash in the amount of $50,000 and will issue 250,000 shares of Copper Reef.
The royalty interests purchased in this transaction removes, (along with the Vista Royalty Purchase transaction announced July 13th, 2012 removing Vista Gold's royalty interests on 16 of the Company's properties), substantially all of the NSRs affecting the Company's 33 properties in the Flin Flon and Lynn Lake Belts of Manitoba. The Royalties removed affect 20 of Copper Reef Properties totalled 18,995 hectares on 191 claims. The Company has also purchased a 1% NSR royalty on three additional properties totalling 1360 ha on 2 Mining Leases and 9 claims. The Parres and Vista Gold transactions will result in the removal of royalties from 20 of the Company's properties totalling 18,995 hectares on 191 claims.
The aggregate original "buy back" in the various agreements with A.L. Parres Ltd. totalled over $3,000,000. This purchase completely removes any royalties or interests held by A. L. Parres Ltd. on Copper Reef properties and gains for the Company royalties on other properties.
Copper Reef views these two royalty transactions as key components in the restructuring of its large land position by removing royalty burdens on the properties. This purchase is part of the Company's strategic plan to remove underlying royalties and interests on its properties and to purchase additional royalties on key properties in the Flin Flon Greenstone Belt.
ABOUT COPPER REEF MINING CORPORATION
Copper Reef is a Canadian junior mineral exploration company with a specific focus on mineral properties in Northwest Manitoba and Northeast Saskatchewan, Canada. All of the Company's properties are currently at the exploration stage. The Company, which has no long-term debt, has assembled a portfolio of base metal and precious metal prospects.
Copper Reef Mining Corporation
Stephen L. Masson M.Sc. P.Geo.
President & CEO
No securities regulatory authority has reviewed or accepts responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are or may be considered forward-looking statements, such as estimates and statements that describe Copper Reef's future plans, objectives or goals, including words to the effect that Copper Reef or its management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. We seek safe harbour.
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