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TORONTO, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Doré Copper Mining Corp. (“Doré Copper”) (TSXV: DCMC; OTCQB: DRCMF; FRA: DCM) is pleased to announce, further to its news release dated October 15, 2024, an update on the definitive arrangement agreement (the “Agreement”) with Cygnus Metals Limited (ASX: CY5) (“Cygnus”) pursuant to which Cygnus has agreed to acquire 100% of the issued and outstanding common shares of Doré Copper (the “Doré CopperShares”) by way of a court approved plan of arrangement under the Canada Business Corporation Act (the “Transaction”).
A key obligation in the Agreement has been met with Cygnus having successfully raised a minimum of A$5.0 million as part of a first tranche (see ASX Announcement dated October 17, 2024).
Cygnus Metals Limited (ASX:CY5) announced that it has received commitments from institutional and sophisticated investors to raise A$11.0 million (before costs) through the issue of 152,777,778 fully paid ordinary shares in the Company at an issue price of A$0.072 per Share (“Placement”). The Placement was extremely well supported and oversubscribed.
Agreement with Epstein Research
Doré Copper has entered into a paid advertisement services agreement with Peter Epstein (“Epstein Research”) on October 22, 2024 to increase investor engagement and create more awareness for the company. Epstein Research’s engagement is for an initial term of six (6) months and is subject to renewal or cancellation in accordance with its terms. Epstein Research operates from New York, New York, and provides promotional services, including social media and online advertising of Doré Copper posted on Epstein Research homepage, CEO.ca, Substack, and Linked-In; monthly written articles on Doré Copper and/or company interviews written exclusively by Peter Epstein; and frequent online commentary on Doré Copper on websites including CEO.ca, Stockhouse, TalkMarkets, Linked-In, and Twitter/X.
Doré Copper has agreed to pay Epstein Research US$2,000 per month for these services. There are no common shares or options to be received as compensation in the service agreement. In addition, Epstein Research is an unrelated and unaffiliated entity in respect of the Corporation and, at the time of the agreement, Mr. Epstein owns securities of the Corporation.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 million pounds of copper equivalent annually by implementing a hub-and-spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill1. Doré Copper has delivered its PEA in May 2022 and is proceeding with a feasibility study. Doré Copper has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold.2 The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometer radius of Doré Copper’s Copper Rand Mill.
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5) is an emerging exploration company focused on advancing the Pontax Lithium Project (earning up to 70%), the Auclair Lithium Project and the Sakami Lithium Project in the world class James Bay lithium district in Québec, Canada. In addition, Cygnus has REE and base metal projects at Bencubbin and Snake Rock in Western Australia. The Cygnus Board of Directors and Technical Management team have a proven track record of substantial exploration success and creating wealth for shareholders and all stakeholders in recent years. Cygnus’ tenements range from early-stage exploration areas through to advanced drill-ready targets.
For further information about Doré Copper, please contact:
Cautionary Note Regarding Forward-Looking Statements This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, including, without limitation, statements with respect to the proposed Transaction and the terms thereof, the completion of the Transaction, including receipt of all necessary court, shareholder and regulatory approvals and timing thereof, any listing of the Cygnus Shares on the TSX-V or on another recognized North American stock exchange and the intent of the parties to pursue any such listing, the Cygnus equity raise and the terms thereof, and the plans, operations and prospects of Doré Copper and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the ability to obtain approvals in respect of the Transaction and to consummate the Transaction, the ability to obtain approvals for the listing of the Cygnus Shares on the TSXV or on another recognized North American stock exchange, integration risks, actual results of current and future exploration activities, benefit of certain technology usage, the ability of prior successes and track record to determine future results, changes in project parameters and/or economic assessments, availability of capital and financing on acceptable terms, general economic, market or business conditions, future prices of metals, uninsured risks, risks relating to estimated costs, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by Doré Copper with securities regulators. Although Doré Copper has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such 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. Doré Copper disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
______________________ 1 Technical report titled “Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada” dated June 15, 2022, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc. 2 Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 - Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
