VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2008) - Pacific Copper Corp. (OTCBB:PPFP) (CUSIP # 69412U 10 0) through its Chilean subsidiary, has executed a Letter of Intent ("LOI") with a single vendor to acquire its interest in the Yerbas Buenas oxide copper property located 130 km southeast of the city of Copiapo, Atacama Region III, Chile.
Yerbas Buenas is located roughly 20 km from the El Corral property, which was announced as a Company acquisition on July 8, 2008. The Yerbas Buenas property, which consists of close to 2500 hectares, is road-accessible and is characterized by oxide copper mineralization encountered at the surface. Mineralization in the form of copper oxides is found in fault zones in altered skarn throughout the area. Actual production estimated to be 30 tons per day of oxide copper ore is currently being produced from various informal mines within the concessions which will be terminated in the near future.
The vendor of Yerbas Buenas is a Chilean entity which is owned in part by a Director of the Company. The vendor will receive 2 million shares of the Company at closing in exchange for its interest at Yerbas Buenas, and a 2% NSR royalty, capped at $6 million, 1% of which can be repurchased for the sum of $2 million at any time prior to commercial production. Major companies with a presence in the general area include Freeport, Teck Cominco and Xstrata.
The Company anticipates that Yerbas Buenas, subject to confirmation of resources, a mine plan and feasibility, would eventually be the subject of open pit, heap leaching copper oxide operations. Currently, Pacific Copper anticipates commencing an immediate exploration and definitional drilling campaign at the property which will be pursued through calendar year 2009.
Pacific Copper's overall corporate strategy includes a major copper oxide copper component, involving the acquisition, exploration and development of suitable low-cost, surface mineable, heap leachable projects in northern Chile.
You can find more detailed information with respect to the company's projects, corporate information and leadership team at the company's website: www.pacificcopper.com.
Should you have any questions or comments, please do not hesitate to contact the Company or our Investor Relations people at the referenced numbers below.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" to the effect that certain events or conditions "may" or "will" occur. Any estimate of potential mineralized material is a forward looking statement. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made based upon information available to management, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, the uncertainties related to third-party reports that have not been confirmed by management or the Company, and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pacific Copper Corp.
Hal Johnston
Investor Relations
1-877-306-7979
Pacific Copper Corp.
Mike Parker
Investor Relations
1-877-306-7979
Email: info@pacificcopper.com
Website: www.pacificcopper.com
