TORONTO, ONTARIO--(Marketwire - Nov. 13, 2012) - Superior Copper Corporation (TSX VENTURE:SPC)
has entered into an agreement to acquire the Palmer Gold Property located in Palmer Township near Batchawana Bay, approximately 70 kilometres north of Sault Ste. Marie, Ontario. Superior Copper will acquire a 100% interest in the project by issuing 180,000 shares to the vendors. The acquisition is subject to regulatory approval.
The Palmer Gold Property covers 1 unpatented mineral claim of 144 hectares and is adjacent to the recently acquired Glenrock Property. The property is located in the Batchawana Greenstone Belt of the Archean Superior Province near the margin of the Proterozoic Southern Province.
The Palmer Gold Prospect was explored by Getty Mines Ltd. in 1984 and Astwood Park Resources in 1988. The prospect consists of a gold-bearing quartz-sulphide zone occurring in a chert-magnetite iron formation adjacent to a northwest trending fault that has offset the iron formation by about 150 metre with a right lateral movement. Historical grab samples have gold grades ranging from 0.39 oz/ton up to 1.9 oz/ton. A 1.4 metre channel sample of pyritized magnetite graded 0.06 oz/ton Au.
The technical information contained in this news release has been reviewed by Delio Tortosa, P. Geo. who is a "Qualified Person" under National Instrument 43-101. The historical results presented here have not been verified, and are given for information purposes only.
Superior Copper Corporation
Superior Copper Corporation is a Canadian-based exploration company focused on base and precious metal exploration. The Company's primary objective is to target highly prospective and underexplored mineral properties, particularly copper, in order to meet the increasing global demand. The Company has two key exploration projects; the Batchawana Copper Project and the Rivière Doré Project in Quebec.
CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws. Please see our public filings at www.sedar.com for further information.
Shares Outstanding: 65,504,269
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