Cobre Exploration Corp.
TSX VENTURE : CKB.H

Cobre Exploration Corp.

March 31, 2010 16:40 ET

Cobre and Eastfield Amend Terms of Option Agreement; Cobre Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2010) - Cobre Exploration Corp. (TSX VENTURE:CKB.H) (the "Company") announces that further to its news release of July 10, 2009, the Company and Eastfield Resources Ltd. (TSX VENTURE:ETF) ("Eastfield") have agreed to further amend the terms of the Option Agreement dated June 1, 2008 as amended on October 17, 2008 and June 9, 2009 (collectively, the "Agreement"), for the option to acquire a 60% interest in the Iron Lake property ("Iron Lake").

The Company and Eastfield have amended the Agreement whereby the Company will now issue to Eastfield 33,333 shares by June 1, 2010, 33,333 shares by June 1, 2012; and issue shares having a value of $100,000 by June 1, 2013; in addition, the Company will incur an aggregate of $1.4 million in exploration expenditures and make cash payments totaling $175,000 by June 1, 2013.

The Company was previously required to issue to Eastfield 100,000 shares by June 1, 2011, issue shares having a value of $100,000 by June 1, 2012, incur an aggregate of $1.4 million in exploration expenditures and make cash payments totaling $165,000 by June 1, 2012.

The Company also announces it has closed it's private placement (announced Dec. 29/09) of 5,000,000 units at a price of $0.10 per unit. Each unit consists of one share and one share purchase warrant. Each share purchase warrant is exercisable into one share of the Company at a price of $0.15 until February 22, 2011. All shares issued in connection with the private placement are subject to a hold period expiring on June 23, 2010.

On behalf of the board,

Allan W. Williams, President

"Neither 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

  • Cobre Exploration Corp.
    Allan W. Williams
    President and Director
    604-681-6855
    or
    Cobre Exploration Corp.
    Terri Anne Welyki
    Investor Relations
    604-681-6855
    www.cobre-exploration.com