Columbus Copper Corporation

Columbus Copper Corporation

May 08, 2013 09:00 ET

Columbus Copper and First Quantum Enter into Project Generation Alliance

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2013) - Columbus Copper Corporation (TSX VENTURE:CCU) (formerly Empire Mining Corporation) ("Columbus Copper") is pleased to announce that it has entered into a project generation agreement (the "Agreement") with First Quantum Minerals Ltd. ("FQML").

The Agreement provides $250,000 in reconnaissance funding to Columbus Copper over a twelve month period for the objective of identifying prospective copper dominant projects for acquisition in the European Balkan Peninsula and in Turkey, in which FQML may then elect to earn an interest by funding exploration spending. Specifically, if reconnaissance identifies a prospective mineral project, Columbus Copper will own the project and FQML will have the right to earn up to a 70% interest therein by entering into an option and joint venture agreement with Columbus Copper that requires FQML to fund up to $5 million in staged exploration expenditures. The Agreement may be terminated by either party on 60 days' notice.

David Cliff, the President and CEO of Columbus Copper, stated, "this generative agreement presents an excellent opportunity for Columbus Copper to strengthen its exploration and development portfolio in the Balkans and Turkey at minimal expense to the company. We are very pleased to be working with First Quantum under this agreement, which utilizes the local knowledge and experience of our exploration team."


Robert F. Giustra, Chairman

This release contains forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"), respecting the Agreement. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including without limitation FQML's ability and desire to fund proposals under the Agreement; either party's desire to terminate the Agreement early; success of Columbus Copper to locate suitable targets; political risk; environmental compliance; cost increases; availability of qualified workers; competition for mining properties; risks associated with exploration projects, mineral reserve and resource estimates (including the risk of assumption and methodology errors); dependence on third parties for services; non-performance by contractual counterparties; title risks; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about: that FQML will be willing and able to fund proposals; general business and economic conditions; the timing and receipt of required approvals; availability of financing; power prices; ability to procure equipment and supplies; and ongoing relations with employees, partners and joint venturers. The foregoing list is not exhaustive. Although Columbus Copper has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Columbus Copper undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

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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