Lorraine Copper

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Lorraine Copper Withdraws from Acquisition, Sets New Direction

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May 04, 2016
Lorraine Copper Withdraws from Acquisition, Sets New Direction

May 4, 2016, Vancouver, BC — Lorraine Copper Corp. (“Lorraine Copper” or “the Company”) (TSX-V: LLC) and Teck Resources Limited (“Teck”) have both agreed to terminate the Lorraine purchase agreement dated November 26, 2015 whereby Teck proposed to sell its 51% interest in the Lorraine property for equity in Lorraine Copper.

Both parties have consequently agreed to revisit some potential alternatives for the joint venture and project including the possibility of a new direction. Ownership of the large Lorraine project remains 51% Teck and 49% Lorraine Copper.

Lorraine Copper has at the same time decided to expand beyond a single project and announced on April 28th, 2016 that it has entered into an agreement whereby it will acquire a 40% interest in the Okeover porphyry copper project located near Powell River. Lorraine Copper is currently negotiating to acquire the remaining 60%.

The OK project contains a north-south trending zone of porphyry mineralization extending approximately 6.0 km. Within this trend, the North Lake Zone, hosts an NI 43-101 compliant inferred mineral resource of 86.8 million tonnes grading 0.31% copper and 0.014% Mos2 (0.009% Molybdenum) [N.C. Carter, P.Eng, 2006, filed on SEDAR].

Through the strategy of copper project acquisitions, beginning with the OK project, Lorraine Copper hopes to benefit from a projected rebound in copper prices (and market interest) starting in the near term.

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 project and joint venture partner Teck Resources Ltd. holds 51%. Lorraine Copper recently announced a purchase agreement for the Okeover (OK) copper-molybdenum project. 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.