Cooper Minerals Inc.

Cooper Minerals Inc.

November 13, 2007 13:11 ET

Cooper Expands Great Bear IOCG Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 13, 2007) - Cooper Minerals Inc. (TSX VENTURE:CQ)(FRANKFURT:JM6) ("Cooper" or the "Company") has entered into a purchase agreement with Kalac Holdings Ltd., Mountain Island Exploration Ltd., and Frontier Asset Management Ltd. to acquire a 100-per-cent interest in certain properties located near the Company's Terra Mine in the Great Bear Lake area, of the Northwest Territories. The property is located approximately 375 kilometres north of Yellowknife, NWT.

The terms of the purchase agreement for a 100-per-cent interest in the property require the Company to make cash payment of $900,000 and to issue four million shares to the vendors. The property is subject to a 2.5-per-cent net smelter return royalty. The Company has the right to reduce the royalty to 1 per cent by paying $2-million. This acquisition is subject to exchange approval.

The property comprises of 131 claim blocks with a total area of approximately 306,000 acres. Cooper will nearly triple the size of its property and continue to be the largest public company landholder in the area with more than 480,000 acres. Exploration results to date, over a widespread area, have defined a much larger area of interest. The Company has acquired these properties for their potential to host high-unit-value polymetallic mineralization associated with large-tonnage, IOCG-type deposits, as well the potential to host Echo Bay-type, high-grade U3O8 (uranium dioxide) and silver mineralization.

The Olympic dam or IOCG model is proposed as a significant exploration target on Cooper's properties in this part of the Great Bear Magmatic Zone (GBMZ). The resource at the Olympic dam deposit (owned by BHP Billiton) was recently increased to 7.7 billion metric tonnes grading 0.87 per cent copper, 0.29 kilogram per tonne U3O8, 0.30 gram per tonne gold and 1.61 grams per tonne silver. The Olympic dam deposit is the largest uranium deposit in the world, the fourth-largest copper deposit and the fifth-largest gold deposit.

The Great Bear Lake area contains three historic mining camps, which are in close proximity and are geologically connected. These are the Port Radium, the Contact Lake and the Terra camps. The formerly producing mines in these camps produced intermittently from 1930 until 1985 over 48 million ounces silver, 15 million pounds of U3O8 and 7,000 tons of copper (Strand, 1996). Coopers' property includes most of the former producing mines in the Terra mining camp.

Mike Magrum, PEng, a qualified person under National Instrument 43-101, has approved the technical content of this news release.

In addition, the Company also announces the granting of 800,000 incentive stock options to its director, officer and consultant. The options are exercisable for up to five years at a price of $0.80 per share.

On behalf of the Board of Directors,

Simon Tam, President and Director

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. "safe harbor" statement under the Private Securities Litigation Reform Act of 1995: this news release contains forward looking statements that are not historical facts and are subject to risks and uncertainties which could cause actual results to differ materially from those set forth in or implied herein.

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

Contact Information

  • Cooper Minerals Inc.
    Simon Tam
    President and Director
    (604) 871-9930
    (604) 871-9926 (FAX)