Global Copper Corp.
TSX : GLQ

Global Copper Corp.

August 10, 2006 08:01 ET

Global Copper Corp. Closes San Jorge Transaction with Coro Mining

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 10, 2006) - Global Copper Corp. ("Global") (TSX:GLQ) is pleased to announce that it has closed the transaction to option its 100% owned San Jorge property located in Mendoza province, Argentina to Coro Mining Corp. ("Coro"), a Vancouver based mining and development company managed by former members of the First Quantum senior management team.

On closing, Coro paid US$262,500 and issued 333,333 shares to Global. The remaining balance of the option payment of US$1 million and 1 million Coro shares will be paid in two annual payments. Upon the completion, within 3 years of signing the agreement, of a bankable feasibility study on the leachable copper resources at San Jorge, Coro will pay to Global US$0.025 per pound of contained leachable copper in the proven and probable reserve category defined by the feasibility study. Upon completion of a bankable feasibility study on the sulphide copper resources at San Jorge, Coro will pay to Global US$0.02 per pound of contained sulphide copper in the proven and probable reserve category defined by the feasibility study. In addition, Coro will pay to Global US$0.02 per pound of contained leachable copper and US$0.015 per pound of contained sulphide copper for any additional material not defined in the feasibility studies that is processed in a mining operation.

The San Jorge property hosts a porphyry copper/gold deposit containing a Historic Measured and Indicated Resource of 361 million tonnes at 0.39% copper and 0.18 g/t gold and a Historic Inferred Resources of 64 million tonnes at 0.30% copper and 0.11 g/t gold at a 0.2% copper cutoff as previously disclosed in a news release on November 21, 2003. Global considers these resource estimates to be relevant and reliable.

Additional information on the San Jorge property and the AMEC 43-101 Technical Report dated September 5, 2003 can be found at www.globalcoppercorp.com.

GLOBAL COPPER CORP.

David Strang, President & CEO

CAUTION REGARDING FORWARD LOOKING STATEMENTS: This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, silver, copper and molybdenum, the timing of exploration activities, the estimation of mineral reserves and mineral resources, the results of drilling, estimated future capital and operating costs, future stripping ratios, projected mineral recovery rates and Global Copper's commitment to, and plans for developing any of its projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Copper to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of the Company's projects, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, silver, copper and molybdenum, as well as those factors discussed in the sections relating to risk factors of our business filed in Global Copper's required securities filings on SEDAR. Although Global Copper has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.

There can be no assurance that any forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Global Copper does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

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