Copper Reef Mining Corporation (CNSX: CZC) (The "Company") wishes to announce that it has purchased a 6% Net Profit Interest (NPI) from Thundermin Resources Inc. held on 16 of the Company's 33 properties for a payment of $35,000 in cash and the issuance of 750,000 shares of Copper Reef. The 750,000 shares issued to Thundermin have a hold period of three years (expiring on August 16, 2015). The 6% NPI, which covers 16 of Copper Reef Properties, totalled 10,451 hectares on 157 claims. This purchase removes the 6% NPI royalty completely from the Manitoba claims.
Copper Reef views this transaction as a one of several key agreements (see press releases of June 13th and July 8th re Vista and Parres Royalty Purchases that have totally removed certain NSR and NPI royalties and other interests on more than 25 of the Company's properties which were previously heavily burdened by underlying agreements.
In addition to the removal of royalties from Copper Reef's own properties, through the previous Royalty purchases of June 13th and July 8th, the Company was able to purchase royalty interest (NSR's) on 9 other properties held by Foran Mining, Calinex Resources and 4058667 Manitoba Ltd. These include Foran's 2 million ton Bigstone copper deposit, Foran's Balsam deposit that lies on the extension of Foran's large Zn-Cu-Ag-Au McIlvenna deposit on which Copper Reef owns a Tonnage Royalty and the Pine Bay Copper deposit and property owned by Calinex in the Flin Flon Main Mining Camp as well as a number of another smaller deposits and properties held by the three companies referred to above.
The purchase of the royalty on Copper Reef's own properties will enable a more equitable structure in future option or joint venture agreements with other companies for the benefit of Copper Reef shareholders. This purchase is part of Copper Reef's strategic plan to either remove underlying agreements on its properties or to purchase additional royalties on key properties in conjunction with carrying out exploration of its properties itself or through joint ventures and options.
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 and has the funds to explore them.
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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