VANCOUVER, April 1 /CNW/ - Copper Mesa Mining Corporation ("Copper Mesa"
or the "Company") (TSX:CUX) today announced the Company has entered into a
binding agreement (the "Agreement") with Nortec Ventures ("Nortec")
(TSX-V:NVT) to acquire a wholly owned subsidiary ("Subsidiary") of Copper
Mesa. The Subsidiary, through its Ecuadorian entities, holds title to various
mineral resource properties including surface rights in Ecuador.
Under the terms of the Agreement, Nortec will pay to Copper Mesa
US$5,500,000 cash (the "Purchase Price"), in instalments, with the final
instalment due January 31, 2010. Alternatively, Nortec may satisfy payment of
the Purchase Price by paying to Copper Mesa the aggregate amount of
US$5,000,000 no later than June 30, 2009. Nortec has also agreed to reimburse
Copper Mesa US$75,000 for various property and tax payments made in Ecuador.
Closing is subject to a number of conditions, including the completion of
a due diligence review by Nortec, acceptance for filing by the TSX Venture
Exchange, Nortec's arranging for financing for the funds required to pay the
Purchase Price, and receipt of any further required regulatory approvals.
Copper Mesa will continue to own the Zonia and Emerald Isle past
producing copper properties located in Arizona, USA.
About Copper Mesa Mining Corporation
Copper Mesa is a mineral exploration and development company focused on
advancing into production its two key past-producing copper properties, the
Zonia and Emerald Isle Mines in Arizona, USA. www.coppermesacorp.com
This press release may contain forward-looking statements that are based
on Copper Mesa's expectations, estimates and projections regarding its
business and the economic environment in which it operates. These statements
are not guarantees of future performance and involve risks and uncertainties
that are difficult to control or predict. Therefore, actual outcomes and
results may differ materially from those expressed in these forward-looking
statements and readers should not place undue reliance on such statements.
Statements speak only as of the date on which they are made, and the Company
undertakes no obligation to update them publicly to reflect new information or
the occurrence of future events or circumstances, unless otherwise required to
do so by law.
For further information:
For further information: Rana S. Gill, Chief Financial Officer,
1-866-907-6047, firstname.lastname@example.org; or Joanna Longo, Investor Relations,