Mag Copper Limited

CNSX : QUE


Mag Copper Limited

May 08, 2014 14:53 ET

Mag Copper Amends Terms of Option Agreement

TORONTO, ONTARIO--(Marketwired - May 8, 2014) - Mag Copper Limited ("Mag Copper" or the "Company") (CSE:QUE) announces that it has amended the terms of its option agreement with Globex Mining Enterprises Inc. ("Globex") with respect to the Magusi and Fabie Bay properties located near Rouyn-Noranda, Quebec. Under the terms of the amending agreement: (i) the date for the $400,000 payment due to Globex, has been extended to four $100,000 payments, the first due on April 28, 2014 (which has been paid), the second on August 31, 2014, the third on December 31, 2014 and the fourth on April 28, 2015; (ii) expenditure commitments of $8,000,000 have each been extended for a 12 month period to April 28, 2015 and 2016, respectively; and (iii) a bankable feasibility study on the Magusi and Fabie Bay properties has been extended to April 28, 2017.

The Canadian National Stock Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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