VANCOUVER, Jan. 29, 2013 /CNW/ - Copper North Mining Corp. ("Copper
North" or "the Company") (TSX.V: COL) is pleased to announce it has
signed a Letter of Intent ("LOI") with the Yukon Energy Corporation
("YEC") setting out essential elements of a Power Purchase Agreement
("PPA") and ancillary agreements to be negotiated, executed and
delivered between the parties for the supply of electricity by YEC to
the Company at the Carmacks Copper Project ("the Project") Yukon,
The PPA will contain the terms and conditions upon which YEC will supply
Copper North with the electricity requirements for the Project from
YEC's grid-based electricity generation through YEC's transmission grid
(the "Grid") and transmission connection from the Project to the Grid.
Subject to the approval of the Yukon Utilities Board (the "YUB"), the
LOI provides that key provisions of the PPA will include:
Specification of project power requirements, including maximum
megavolt-ampere loads as well as projected annual energy demand during
the life of the project;
Funding arrangements for grid connection, system upgrades, operating
costs related to grid connection and removal and decommissioning costs;
Rate charges applicable to all major industrial customers.
The Company anticipates that YEC will serve the Project from the
existing Carmacks-Stewart 138 kV transmission line, built along the
Klondike Highway. A new substation (tap-off) in the vicinity of
McGregor Creek would feed an 11 km 34.5 kV transmission spur-line to
the Project's main substation, terminating on a dead-end structure
ahead of the site substation.
Copper North will provide the capital (currently estimated at $9.7
million) for the design, permitting and construction of the tap-off
from the existing Grid, and 11 km 34.5 kV transmission line.
President and Chief Executive Officer, Dr. Sally Eyre stated "we have
reached yet another milestone at the Carmacks Copper Project. Following
completion of the Feasibility Study at the end of 2012, the LOI now
enables us to advance negotiations with YEC regarding a PPA for the
supply of electricity".
About Copper North
Copper North is a Canadian mineral exploration and development company.
Copper North's assets include the Carmacks Copper Project located in
the Yukon, and the high-grade, stratiform-copper Redstone Property,
located in the Northwest Territories. Copper North trades on the TSX
Venture Exchange under the symbol COL.
Please visit www.coppernorthmining.com.
On behalf of the Board of Directors:
"Sally L. Eyre"
Dr. Sally L. Eyre
President, CEO and Director
This news release includes certain forward-looking information or
forward-looking statements (collectively "Forward-Looking Information")
for the purposes of applicable securities laws. Forward-Looking
Information includes, but is not limited to, statements with respect to
the PPA, the ancillary documents thereto and provisions to be included
therein; possible events, conditions or performance that are based on
assumptions about future courses of action; activities relating
Carmacks and the matters contemplated under the LOI, the PPA and the
documents and agreements ancillary thereto; design, permitting,
construction and infrastructure time lines and requirements; capital
cost estimates. In certain cases, Forward-Looking Information can be
identified by the use of words and phrases such as "plans", "expects"
or "does not expect", "scheduled", "estimates", "anticipates",
"potential", "recommends" or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"would" or "will be taken", "occur" or "be achieved". These statements
address future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors, which may cause the
actual results, performance or achievements to differ materially from
those anticipated in such statements. Important factors that could
cause actual results to differ materially from the Company's
expectations include, among others, the timing and success of
negotiations and finalization of the PPA and the documents and
agreements ancillary thereto, market prices, availability of capital
and financing, general economic, market or business conditions,
uninsured risks, regulatory changes, availability of personnel,
materials and equipment, timeliness of government and other regulatory
approvals, unanticipated environmental impacts on operations and other
exploration risks detailed herein and from time to time in the filings
made by the Company with securities regulators. In making the
forward-looking statements, the Company has applied several material
assumptions including, but not limited to, the assumptions that the
matters contemplated under the LOI will proceed as planned, approval of
the YUB will be obtained in a timely manner, market fundamentals will
result in sustained metals and mineral prices, current exploration and
other objectives concerning Carmacks can be achieved and that the
Company's other corporate activities will proceed as expected and any
additional financing needed will be available on reasonable terms.
Although the Company has attempted to identify important factors that
could affect the Company and may cause actual actions, events or
results to differ materially from those described herein, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
Forward-Looking Information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on Forward-Looking Information. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise except as otherwise required by applicable
Neither the 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: Copper North Mining Corp.
For further information:
Peter Oates, Manager, Investor Relations
Renmark Financial Communications
Email: firstname.lastname@example.org Web: www.renmarkfinancial.com