Trading Symbol: CCY
VANCOUVER, March 23 /CNW/ - Catalyst Copper Corp. today announced a US$4 million exploration program on the La Verde project, Michoacan State, Mexico.
The program includes a minimum of 10,000 meters of diamond drilling and 50 line kilometers of geophysics. A geophysical company has been contracted to start an Induced Polarization (IP) survey by the end of March. Drill tenders have been sent out with an anticipated start of drilling during the second week of April.
There are three principal objectives of the 2010 exploration program:
1. To expand the IP coverage into areas covered by gravel deposits to
identify additional anomalies.
2. Drill extensions to the known mineralization in order to target the
size potential of the porphyry system.
3. Confirmatory drilling over the known mineralization to develop a N.I.
43-101 compliant resource.
Management is optimistic the program will confirm and expand the know resource as well as provide an opportunity for additional discovery.
La Verde Deposit: La Verde has an exposed porphyry system amenable to open pit mining with two known zones of porphyry style copper +/- gold +/- molybdenum mineralization and with significant upside exploration potential. The project is located in an area with a preexisting infrastructure: 150 km to coast with water, power and rail all nearby.
The Company can earn a 60% interest in the La Verde Project by advancing US$6 million (paid) to Teck Resources Limited's Mexican subsidiary, Minera Torre de Oro, S.A. de C.V., and incurring aggregate exploration expenditures of US$10 million on the Property on or before December 31, 2012. Required exploration work under the agreement includes 30,000 meters of core drilling and 200 line kilometers of geophysical surveys (see December 8, 2009 news release for complete option details).
Catalyst Copper is a Vancouver-based publicly traded mine development company (TSX-V: CCY) that optioned the La Verde copper porphyry target Michoacan, Mexico from a subsidiary of Teck Resources Limited.
ON BEHALF OF THE BOARD OF DIRECTORS OF
CATALYST COPPER CORP.
"Terence W. Hodson"
TERENCE W. HODSON, V.P. EXPLORATION
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, risks associated with mineral exploration and mining activities, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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.
SOURCE Catalyst Copper Corp.
For further information: For further information: on the Company please contact Denby Greenslade, (604) 638-5900