VANCOUVER, April 9 /CNW/ - Copper Mesa Mining Corporation ("Copper Mesa"
or the "Company") (TSX:CUX) today announced that the British Columbia
Securities Commission, as principal regulator, has issued a cease trade order
of the Company's stock until Copper Mesa files its audited financial
statements, the related management's discussion and analysis and annual
information form, all for the year ended December 31, 2008 (the "2008 Annual
This cease trade order is not expected to affect the binding Agreement
with Nortec Ventures Corp. ("Nortec") (TSX-V:NVT) announced on April 1, 2009.
If the Nortec transaction proceeds as anticipated, Copper Mesa management
believes the 2008 Annual Filings will be filed no later than May 29, 2009.
Application will be made to have the cease trade order lifted at the time of
filing the 2008 Annual Filings.
Under the terms of the Agreement with Nortec, it will pay to Copper Mesa
US$5,500,000 cash (the "Purchase Price"), in installments, with the final
installment 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. On April 1, 2009, Nortec reimbursed
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 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
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; Joanna Longo, Investor Relations,