Cogitore Resources Inc.

Cogitore Resources Inc.

July 02, 2009 14:00 ET

Cogitore Resources Signs New Agreement With Inmet Mining.

TORONTO, ONTARIO--(Marketwire - July 2, 2009) - Cogitore Resources Inc. (TSX VENTURE:WOO) ("Cogitore" or the "Company") announces that it has signed an agreement with Inmet Mining Corporation ("Inmet"), whereby Inmet will immediately transfer to Cogitore all of its interest in the Selbaie West, Hebecourt, Landrienne and Castagnier projects (the "Properties"). Inmet will keep a back-in right in these projects, with the following essential terms: a) the back-in interest would be 50%; b) the back-in right on any individual Property would be exercisable upon Cogitore delivering a pre-feasibility study accompanied by an independent NI-43-101 compliant mineral resource calculation; c) the exercise of the back-in right would apply to the whole Property and would be a one-time decision; d) to earn back a 50% interest in any given Property, Inmet would have to fund, with Cogitore as operator, the next round of exploration for twice the amount of expenditures made by Cogitore on that Property prior to the back-in being exercised; e) upon Inmet having earned-back its interest, a joint venture would be formed to develop the Property and Inmet would have the right to elect to become operator of the joint venture if and when a mine is built; f) if a deposit is put in production by Cogitore on any portion of a Property without Inmet having exercised its back-in right, Inmet would be entitled to receive a 1% NSR royalty on the entire Property with no further ability to back-in.

These Properties were part of an original agreement signed with Inmet in 2004 and which expired June 30, 2009. The Company had earned an interest in the Lemoine and Estrades projects within the five year time frame of the original agreement, but had not earned in on the remaining Properties that are the subject of this new agreement. These properties are all located in Quebec (except for 4 claims in Ontario) and host favourable felsic volcanic rocks with strong evidence of copper and zinc mineralization. The new agreement gives the Company a 100% ownership in four high potential VMS projects without any work commitment or cash payment, in addition to providing full flexibility in establishing work and expenditure schedules.

At the present time, the Company intends to continue its focus on base metal exploration in the Abitibi Belt of Quebec and Ontario, and the Central Belt of Newfoundland. Exploring in these areas is preferred because of existing infrastructure, knowledgeable local workforces and broad public support for mining.

On Behalf of the Board of Directors

Mark Goodman, Chairman of the Board

Telephone: 416-924-9893

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.

Contact Information

  • Cogitore Resources Inc.
    Gerald Riverin
    President & CEO
    Cogitore Resources Inc.
    Louis Morin
    Director Investor Relations