CCT Capital Ltd.
TSX VENTURE : CCW.P

August 10, 2007 09:30 ET

CCT Announces Closing of Qualifying Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2007) - CCT Capital Inc. (TSX VENTURE:CCW.P) (the "Company") is pleased to announce the closing of its Qualifying Transaction which includes:

- an option to acquire from Lara Exploration Ltd. (TSX VENTURE:LRA) ("Lara") an undivided 70% interest in 15 exploration concessions known as the Campos Verdes Project located in the Goias State of Brazil (the "Properties"); and

- the completion of a private placement totalling $874,500.

As a result, at the opening on Monday, August 13, 2007, the Company will no longer be considered a Capital Pool Company and will begin trading as a Tier 2 mining issuer on the TSX Venture Exchange (symbol: CCW).

The Acquisition

Under the terms of the option and joint venture agreement with Lara, the Company has been granted the exclusive option to acquire a 70% interest in the Properties in consideration of incurring an aggregate of US$2,000,000 in exploration expenditures on the Properties by February 27, 2010.

Lara, as operator, will have its exploration team mobilized in the coming weeks to begin work on the US$500,000 Phase-1 exploration program. This program will comprise an eleven-hole (1,100 metre) drill program to test the down-dip extension of the mineralization present in the Joao Neves open pit and to test soil and trench anomalies to the northeast of it. The drilling will be mostly diamond coring to test the shear zone at depth in the fresh rock, but will also include (subject to availability of a suitable drill rig) some reverse circulation drilling to test the sheeted vein system in the oxide zone, where core drilling will be compromised by the loss of core (and gold values) with the washing out of the soft limonitic zones associated with the weathered sulphides in the very broken veins and vein margins.

Further drill target definition work will also be undertaken along the 12 kilometre regional trend that is host to the Joao Neves target, using soil geochemistry, trenching and ground geophysics (Magnetics and Induced Polarization). Further target definition is also planned at the Modesto gold-base metal target and at several other airborne magnetic and Aster imagery targets (possibly representing hydrothermal alteration zones associated with gold mineralization). These targets have already been identified by the earlier geochemistry and by remote sensing studies. This target definition will include ground geophysical surveys, geological mapping and soil geochemical surveys; and there is provision for some 500 metres of scout drilling to test these targets at depth.

The Company's Filing Statement and NI 43-101 compliant technical report on the Properties have both been filed under the Company's profile on SEDAR (www.sedar.com). Potential investors are encouraged to review the Filing Statement and technical report, in their entirety, for full details of the Properties and recommended work program.

A Finder's Fee of 100,000 common shares is payable to Leede Financial Markets Inc. ("Leede") as consideration for their services in arranging the Acquisition. The shares are subject to a hold period expiring December 10, 2007.

Private Placement

As announced on August 8, 2007, the Company has completed its private placement totalling $874,500 undertaken in conjunction with the Qualifying Transaction. These funds were raised through the issue by the Company of 5,300,000 units at a price of $0.165 per unit. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase one additional common share of the Company at a price of $0.33 per share until August 7, 2009.

As consideration for services rendered in connection with the private placement, the Company paid to Leede a cash commission of $49,500, being 10% of the proceeds received by the Company from investors introduced to the Company by Leede. Leede also received 600,000 agent's warrants, each agent's warrant entitling Leede to acquire one common share of the Company for a period of two years at a price of $0.165 per share.

The shares issued pursuant to the private placement, and any shares to be issued on exercise of the warrants and agent's warrants, are subject to a hold period expiring December 8, 2007.

ON BEHALF OF THE BOARD

Laurie Sadler, President and CEO

All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange and the British Columbia Securities Commission.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • CCT Capital Inc.
    Laurie Sadler
    President and CEO
    (604) 685-4655
    (604) 685-4675 (FAX)