Lorraine Copper

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Lorraine Copper Announces Results of Shareholder Vote

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January 26, 2016
Lorraine Copper Announces Results of Shareholder Vote

January 26, 2016, Vancouver, BC – Lorraine Copper Corp. (“Lorraine Copper” or “the Company”) (TSX-V: LLC) is pleased to announce that shareholders of the Company have overwhelmingly voted in favour of the joint venture purchase of Teck Resources Limited’s (“Teck”) 51% interest in the Lorraine/ Jan-Tam-Misty properties.

Other items voted on by shareholders were also overwhelming in favour including:

  • The settlement of a debt owed by the Company to Eastfield Resources Ltd. (“Eastfield”) of $114,128 by issuing 2,282,560 shares of the Company to Eastfield at a deemed price of $0.05 per share.
  • To approve one or more equity financings for aggregate net proceeds of not less than $2,000,000 on or before February 28, 2016 (unless this date is extended within the context of the joint venture purchase agreement) which financing includes a minimum of 15% by proceeds of non-flow-through shares.
  • To approve a share consolidation on a ratio of two existing shares for one new share.

Commenting on the results of the shareholder vote, J.W Morton, the company’s President and CEO stated, “We are extremely pleased with the results of the vote and would like to thank shareholders for their vote of confidence. We are now able to proceed with consolidating the ownership of the Lorraine/Jan-Tam-Misty properties and hold a 100% undivided interest in Lorraine Copper.”

Lorraine Copper currently has 45,665,002 shares issued and outstanding and after proceeding with the share consolidation will have 22,832,501 issued and outstanding. Accordingly, the post-consolidated number of shares that will be issued to Teck for the 51% interest will change from approximately 35.6 million shares to 17.8 million shares.

A copy of the complete report on voting will be made available on SEDAR.

Mineralization at Lorraine is copper and gold-rich and has many attributes common to other alkalic porphyries in British Columbia including Mount Polley and Galore Creek. Drilling at Lorraine, up to and including that completed by Teck in 2008, totals 223 holes (38,016 metres). A NI 43-101 resource calculation, based on historic drill results, was completed on the Main Zone-Bishop Zone area by Giroux Consultants of Vancouver, BC in 2012 (see news release of May 30, 2012). The resource estimate (at a cutoff grade of 0.20% copper) is 6.42 million tonnes (indicated) grading 0.61% copper and 0.23 g/t gold and 28.82 million tonnes (inferred) grading 0.45% copper and 0.19 g/t gold. Several mineralized areas exist outside of the 2012 resource.

J.W. Morton, P.Geo., is the qualified person, as defined by NI 43-101, who has reviewed and takes responsibility for this news release.

J.W. Morton, P.Geo.

J.W. Morton, P.Geo., President and CEO

Lorraine Copper Corp.

About Lorraine Copper Lorraine Copper holds a 49% interest in the district scale Lorraine property and shareholders have recently approved the acquisition of the remaining 51% interest from Teck. For more information please visit the Company’s website at www.lorrainecopper.com.

FOR FURTHER INFORMATION REGARDING LORRAINE COPPER PLEASE CONTACT:
Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: (888) 656-6611
Email: info@lorrainecopper.com

The TSX – Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.