Global Copper Corp.

Global Copper Corp.

December 20, 2006 08:30 ET

Global Copper Corp. Signs Agreement on Vizcachitas

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 20, 2006) - Global Copper Corp. ("Global") (TSX:GLQ) has signed a formal agreement to divest its interest in the Vizcachitas property located in Region IV, Chile, to GHG Resources ("GHG"), a Vancouver based mineral exploration company.

The agreement grants GHG the right to purchase Global's interest in Vizcachitas on or before January 16, 2007 for a total consideration of US$10.4 million, 6,280,000 shares and 3,900,000 share warrants. Each warrant will entitle Global to acquire one additional share of GHG for a period of three years at $1.00 per share. The transaction is subject to regulatory approval.

Global will use the proceeds from the sale to complete its acquisition of its Relincho property and fund its ongoing exploration and development programs designed to expand the oxide and sulphide resources on the property. The current 43-101 mineral resource estimate has delineated measured and indicated sulphide resources of 184 million tonnes grading 0.59% copper and 0.024% molybdenum, and inferred sulphide resources of 101 million tonnes grading 0.51% copper and 0.017% molybdenum at a 0.4% copper cutoff.

A 43-101 mineral resource estimate on the leachable copper mineralization is expected to be completed in January 2007, while an updated 43-101 mineral resource estimate on the sulphide resources is expected to be completed during the second quarter of 2007.

Additional information on the Vizcachitas and Relincho properties and the Independent Qualified Persons reports can be found on Global's website at and on SEDAR at


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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