Gespeg Copper Resources Inc.
TSX VENTURE : GCR

Gespeg Copper Resources Inc.

September 18, 2013 12:09 ET

Gespeg Enters Into Option Agreement for Port Daniel Project in the South of the Gaspe Peninsula

SASKATOON, SASKATCHEWAN--(Marketwired - Sept. 18, 2013) - GESPEG COPPER RESOURCES INC. (TSX VENTURE:GCR) (the "Company" or "Gespeg") is pleased to announce that it has entered into an option agreement (the "Option Agreement") with Mr. Daniel Lepage and Mr. Pierre Ross, both arm's length parties to the Company (together the "Optionors" and individually an "Optionor"), to acquire a 100% undivided interest to 52 mineral claims on the South portion of the Gaspé Peninsula near the Municipality of Port Daniel and comprising approximately 3,000 hectares or 30 sq/km (the "Property").

Under the terms of the Option Agreement, Gespeg has the option to acquire the Property by paying the Optionors the following:

  1. an aggregate cash payment of $3,000 ($1,500 to each Optionor) due at signing of the Option Agreement (satisfied);

  2. 500,000 common shares of Gespeg to the Optionors (250,000 common shares to each Optionor) at the anniversary date of the Option Agreement in each of 2014 through 2017 for an aggregate of 2,000,000 common shares (1,000,000 common shares to each Optionor); and

  3. a 2% net smelter royalty ("NSR") (payable 1% to each Optionor). The NSR can be reduced by 1% with the payment of $1,000,000 ($500,000 to each Optionor).

Mr. Sylvain Laberge, President & CEO of Gespeg, remarks "We are pleased to add this property to our portfolio. It furthers our mandate of expanding our position in prospective properties in the underexplored Gaspé Peninsula region"

After a strategic review of the Company's properties and in order to more effectively facilitate our exploration programs, the Company dropped 576 claims from the In-between project. These claims showed no priority targets in the 2012 geophysical survey. The Company has divided the remaining In-Between project properties in 4 blocks, including:

  1. The Wares Block (21 Claims)

  2. The Landry Block (39 Claims)

  3. The MacDonald Block (5 Claims)

  4. The MacNeill Block (261 Claims)

Additionally, 40 claims situated south of the old Gaspe Copper Mine in Murdochville, were added during summer and will be referred to as the Jean Project, as well 17 claims South West of the Vortex Project out of which we announce in June 2012 29 meters @ 0.94% Cu will be grouped and referred to as Project B-O.

The Option Agreement is subject to the approval of the TSX Venture Exchange.

About Gespeg Copper: Gespeg Copper is dedicated to creating shareholder value through the discovery of new copper deposits in the underexplored region of Gaspé, Québec, Canada.

The Gaspé Peninsula is a prolific copper district, having hosted the historic Noranda Mines camp, in operation from 1954 to 1999. The grades produced from this mine were among the highest mined to date.

This news release contains certain statements that may be considered "forward-looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Gespeg Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Gespeg Copper management on the date the statements are made. Except as required by law, Gespeg Copper undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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