AQM Copper Inc.
TSX VENTURE : AQM
BVLAC : AQM

AQM Copper Inc.

January 13, 2011 09:16 ET

AQM Copper Announces the Initial Zafranal Main Zone NI 43-101 Resource

- Measured & Indicated Resource (0.2% Cu Total cut-off) - 301 million tonnes with 0.47% CuT and 0.08 g/t Au;

- Additional Inferred Resource (0.2% Cu Total cut-off) - 51 million tonnes with 0.32% CuT and 0.06 g/t Au

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 13, 2011) - AQM Copper Inc (TSX VENTURE:AQM)(BVLAC:AQM) ("AQM Copper" or the "Company") is pleased to provide the initial National Instrument 43-101 compliant Mineral Resource estimate for the Main Zone of the Zafranal project, a 50/50 Joint Venture with Teck Resources Limited ("Teck"), operated by AQM Copper. The Resource estimate was prepared by Sigma Blue Pty based in Perth Australia under the supervision of Amec Minproc personnel in their Brisbane and Perth offices.

Using a 0.2% copper cut-off, the December 2010 Zafranal Main Zone Resource estimate is shown below:

Resource Category Tonnes (Mt) Cu Total (%) CuCN (%) * Au(g/t)
Measured 17 0.93 0.71 0.09
Indicated 284 0.44 0.19 0.08
Measured + Indicated 301 0.47 0.22 0.08
Inferred 51 0.32 0.06 0.06

* Leachable Copper

"Our initial Measured and Indicated Resource estimate represents one of the largest initial copper resource estimates reported in the last several years in Peru, a country poised for a dramatic increase in copper production in the next 5-10 years", says AQM Copper President, Bruce Turner.

The Resource estimate prepared under the supervision of Amec Minproc in Australia incorporated all historical drilling in addition to 53,308 metres of Diamond and Reverse Circulation drilling in 172 drill holes completed by AQM Copper during 2010. Diamond drilling represents 79% of the meterage used for the current Resource estimate, while Reverse Circulation drilling represents the remaining 21%.

Drilling to date demonstrates that the Zafranal project has become a significant copper gold porphyry deposit. The mineralization in the Main Zone where the drilling was concentrated in 2010 extends over a 2800m strike length, is up to 600m wide and up to 500m thick. The supergene blanket represents between 50-150m of thickness.

The Main Zone remains open in several directions and at depth. Drilling during 2011 will aim at expanding the Main Zone Resource wherever it remains open; initiate exploration drilling on other new targets identified by Company geologists during 2010; and definition drilling on the Sicera Norte and Sicera Sur satellite prospects where initial scout drilling has already identified significant porphyry-style copper mineralization.

The resource breakdown by resource category and mineralogical domain, using a 0.2% Cu Total cut-off grade, is presented in the following table:

Resource Category Tonnes (Mt) Cu Total (%) CuCN (%) Au (g/t)
Measured
                    Supergene

17

0.93

0.71

0.09
Indicated
                Leached Cap
                              Oxide
                    Supergene
                     Transition
                     Hypogene

9
7
95
15
158

0.25
0.39
0.68
0.43
0.31

0.06
0.02
0.50
0.14
0.03

0.13
0.15
0.08
0.09
0.08
Measured+Indicated 301 0.47 0.22 0.08
Inferred
                Leached Cap
                              Oxide
                    Supergene
                     Transition
                     Hypogene

1
0.7
7
0.9
42

0.23
0.35
0.45
0.36
0.30

0.04
0.02
0.31
0.12
0.02

0.13
0.12
0.04
0.06
0.06

The Measured category was limited to Supergene mineralization where drilling oriented in the east-west direction completes the 100 m spaced north-south drill fences allowing for close-spaced information within the well-defined Supergene zone. The Measured and Indicated categories represent 86% of the overall Resource, demonstrating the success of AQM Copper´s 2010 resource definition program. The bulk of Inferred material corresponds to Hypogene mineralization along the border of the copper envelopes and within deep extensions defined by limited drilling.

Measured and Indicated Resources at different cut-off grades are presented in the following table:

Cu Total (%) Cut-Off Grade Tonnes (Mt) Cu Total (%) Cu CN (%) Au (g/t)
1.0 19 1.30 0.99 0.12
0.9 27 1.20 0.91 0.11
0.8 37 1.11 0.84 0.11
0.7 49 1.02 0.76 0.11
0.6 67 0.92 0.67 0.10
0.5 89 0.82 0.58 0.10
0.4 122 0.72 0.47 0.10
0.3 200 0.57 0.32 0.09
0.2 301 0.47 0.22 0.08
0.1 313 0.46 0.21 0.09

Inferred Resources at different cut-off grades are presented in the following table:

Cu Total (%) Cut-Off Grade Tonnes (Mt) Cu Total (%) Cu CN (%) Au (g/t)
1.0 0.1 1.08 0.69 0.06
0.9 0.2 1.02 0.60 0.05
0.8 0.4 0.92 0.49 0.05
0.7 0.7 0.83 0.48 0.05
0.6 1.5 0.73 0.44 0.05
0.5 3 0.63 0.33 0.07
0.4 8 0.52 0.21 0.07
0.3 21 0.41 0.12 0.07
0.2 51 0.32 0.06 0.06
0.1 53 0.31 0.06 0.06

Regulatory Footnote

Mineral Resources have not demonstrated their economic viability and should not be considered as reserves. The current Resource estimate is consistent with CIM Best Practice Guidelines. All of AQM Copper´s disclosure of a technical and scientific nature is prepared or prepared under the supervision of Tom Henricksen, P.Geo, Senior Geologist of AQM Copper. The block model and Resource estimate was prepared by Ms. Annick Manfrino, principal of Sigma Blue Pty Ltd, who is the Qualified Person as defined by NI 43-101 and who has consented to the release of this information. Ms. Manfrino is an independent consultant, as defined by NI 43-101, and worked under the supervision of Amec Minproc, an independent consulting group based out of Perth, Australia. Total copper, sequential copper and gold grades were estimated with ordinary kriging using grade envelopes at a 0.2% total copper cut-off grade for copper and 0.1 g/t Au for gold grades. The mineralogical zones – Leached, Oxide, Supergene, Transitional and Hypogene – were defined from changes in grade assays, ratios between grade elements and drill logging. The base of the Leached cap was defined using a S/Fe ratio of 0.20; the base of the Supergene zone was defined using a CuCN/CuTotal ratio of 0.50. Considering the drill hole spacing and the continuity of mineralization, 25x25x5 metre blocks were constructed for the current block model. Grade estimation for all copper grades was completed in "unfolded" space using ordinary kriging for the Leached Cap, Oxide, Supergene and Transition zones. The Hypogene zone for all copper species was estimated in real space. Gold grades were estimated by ordinary kriging in real space for all mineralogical domains. Mineralogical boundaries were used as hard boundaries for all copper species with the exception of the Transition-Hypogene boundary which was used as a "soft" boundary. A total of 11,547 two- metre composites were used in the current estimate and an upper topcut of 5% was used for total copper, and 1 or 2 g/t for gold, depending on the lithology.

The Company has established a rigorous QA/QC program at Zafranal, which includes the insertion of blanks, duplicates and certified standards into the sample stream. Core is photographed on site and subsequently sawed in half, with one half sent for analysis and the other half stored for future reference and assay verification. RC chips are split twice on site using a riffle splitter, with 25% of the sample being sent to the laboratory for assay and the rest stored for future verification purposes. All Zafranal samples are shipped to ALS Chemex's sample preparation facility in the city of Arequipa, where they are crushed and pulverized. Prepared samples are shipped to ALS Chemex's certified laboratory in Lima where they are analysed for gold, copper and multi-element ICP.

ON BEHALF OF THE BOARD OF DIRECTORS

Bruce Turner, President and CEO

ABOUT AQM Copper: AQM Copper Inc. (formerly Apoquindo Minerals) is a Canadian based mineral exploration company developing copper deposits in South America. Through its wholly owned Peruvian subsidiary, Minera AQM Peru SAC, the Company is developing the Zafranal Copper-Gold Porphyry Project located in Southern Peru. Minera AQM Peru SAC is the operator of a 50/50 JV with Teck Resources Limited through a sole purpose Peruvian company being formed for Zafranal as announced in its press release on July 8, 2010. Management and directors have extensive experience working for the world's largest mining Copper producers. Please refer to the Company's website for further information regarding the Company and its projects.

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.

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