Trading Symbol: CCY
VANCOUVER, April 30, 2012 /CNW/ - Catalyst Copper Corp. (the "Company" or "Catalyst") is pleased to announce results from the first five (5) diamond drill holes from its 2012 program at the La Verde copper porphyry project in Michoacán state, Mexico.
The 2012 exploration program is intended to complete all requirements (US$10 million in accumulated expenditures, 200 kilometers of Geophysics (IP) and 30,000 metres of diamond drilling) to earn a 60% interest in the La Verde Project, under its option Agreement with the Mexican subsidiary of Teck Resources Limited.
The released holes locations are indicated on the attached map (which includes historic and 2011 drill locations) and the significant results for these holes are included below.
TABLE 1. La Verde 2012 Assay Results
|Drill Hole||From||To||Length||Cu%||Au g/t||Ag g/t||Mo%||Location|
The program is focused on upgrading Inferred Resource to Measured and Indicated status and expanding the mineralization associated with the two known open pitable copper deposits. Catalyst has to date completed 33,890 meters of drilling on the La Verde property, 152 kilometres of IP and has now spent approximately $9,000,000. It is anticipated that Catalyst will have completed all option agreement requirements by late 3rd quarter of 2012 and thereby will earn a 60% interest in the La Verde deposit
Terry Hodson, Vice-President Exploration of Catalyst stated, "Work to date continues to define and expand known resources at the project. Results from the first holes of 2012 continue to grow the deposit."
Terry Hodson, P.Geo. is the qualified person as defined by National Instrument 43-101, and has reviewed the technical disclosure contained herein and accepts responsibility for such disclosure.
About La Verde
La Verde is located in an area with excellent infrastructure. Power, rail and water all cross the property. Lazaro Cardenas, Mexico's third largest port on the Pacific coast is 180 km from the site. Significant upside potential remains for the two known zones of porphyry style copper, gold and molybdenum mineralization as the drilling program to date shows both deposits remain open to depth and along strike.
La Verde property is subject to an option agreement with a Mexican subsidiary of Teck Resources Limited (Teck) whereby Catalyst's 100% Mexican subsidiary, Minera Hill 29, may earn a 60% interest in La Verde by making US$10,000,000 in exploration expenditures (including 30,000 meters of drilling and 200 kilometers of IP) by December 31, 2012. Upon Catalyst earning a 60% interest, Teck has the option to increase its interest to 60% by incurring aggregate expenditures equal to two times the amount spent by Catalyst. Should Teck fail to exercise its option to earn a 60% interest, Catalyst can acquire a 100% interest in La Verde by paying Teck US$20 million. The property is subject to an underlying 0.5% NSR.
ON BEHALF OF THE BOARD OF DIRECTORS OF
CATALYST COPPER CORP.
"Terence W. Hodson, P.Geo."
TERENCE 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.
Quality Assurance: The Company employs a system of quality control for drill results which includes the use of blanks, certified reference materials (standards) and check assaying. Core is logged on site and split with a diamond saw. Samples are shipped to Acme Analytical Laboratories Ltd. for analysis. All elements with the exception of gold are analyzed by Aqua Regia digestion and ICP-ES analysis. Gold is analyzed by fire assay method.
Image with caption: "La Verde 2012 Drill Holes (CNW Group/Catalyst Copper Corp.)". Image available at: http://photos.newswire.ca/images/download/20120430_C2474_PHOTO_EN_12898.jpg
Image with caption: "La Verde Drill Program (CNW Group/Catalyst Copper Corp.)". Image available at: http://photos.newswire.ca/images/download/20120430_C2474_PHOTO_EN_12899.jpg
Image with caption: "La Verde Drill Program (CNW Group/Catalyst Copper Corp.)". Image available at: http://photos.newswire.ca/images/download/20120430_C2474_PHOTO_EN_12900.jpg
For further information:
please contact Corporate Communications Officer: Denby Greenslade (604) 638-5900