Shares Outstanding: 61,904,269
TORONTO, June 26, 2012 /CNW/ - Superior Copper Corporation (SPC:TSXV) has entered into an agreement to acquire the Glenrock Property located in Palmer and Ryan Townships near Batchawana Bay, approximately 70 kilometres north of Sault Ste. Marie, Ontario. Superior Copper will acquire a 100% interest in the project, subject to a 1.5% net smelter return previously granted to a third party, by issuing 2.1 million shares to Hudson River Minerals Ltd. The acquisition is subject to regulatory approval.
The Glenrock Property covers 18 unpatented mineral claims over 2,515 hectares. The property is located in the Batchawana Greenstone Belt of the Archean Superior Province near the margin of the Proterozoic Southern Province.
In 1953, Glenrock Mines Ltd. trenched known gold showings and drilled 11 diamond drill holes for a total of 721 metres. The best intersection encountered 2.9 grams per tonne gold over 6.4 metres including a higher grade interval of 6.24 grams per tonne gold over 2.4 metres. In 1987-88, Duration Mines explored multiple narrow quartz veins and drilled 15 diamond drill holes for a total of 1,766 metres. The best intersection encountered 3.06% copper, 43 grams per tonne silver and 1.6 grams per tonne gold over 6.53 metres. Most of the historic drilling was completed within 30 metres of surface.
In the early 1990's, Noranda Inc. completed 2 exploration trenches, 50 metres apart, across the main Glenrock trend with grades returning 3.96 grams per tonne gold over 8 metres and 4.68 grams per tonne gold over 6 metres.
The technical information contained in this news release has been reviewed by Roger Moss, P. Geo. who is a "Qualified Person" under National Instrument 43-101 and a Director of Superior Copper. The historical results presented here have not been verified, and are given for information purposes only.
Superior Copper Corporation
Superior Copper Corporation is a Canadian-based exploration company focused on base and precious metal exploration. The Company's primary objective is to target highly prospective and underexplored mineral properties, particularly copper, in order to meet the increasing global demand. The Company has two key exploration projects; the Batchawana Copper Project and the Rivière Doré Project in Quebec.
CAUTIONARY STATEMENT: Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws. Please see our public filings at www.sedar.com for further information.
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