VANCOUVER, British Columbia, Feb. 20, 2019 (GLOBE NEWSWIRE) -- Kutcho Copper Corp. (TSXV: KC) (OTC: KCCFF) (“Kutcho Copper” or the “Company”) is pleased to provide an update on progress at its 100% owned Kutcho high grade copper zinc development project, which is located 100 km east of Dease Lake in Northern British Columbia.
Kaska Exploration Agreement
Kutcho and Kaska Nation (as represented by Dease River First Nation ("Kaska")) are pleased to announce that they have entered into an Exploration Agreement relating to the Kutcho Project.
This agreement sets out a framework in which Kutcho Copper and Kaska agree to work together in a spirit of partnership and cooperation to build a positive and mutually beneficial working relationship. Specific objectives of the agreement include:
- Establishing a co-operative and collaborative working arrangement between Kutcho Copper and Kaska;
- Promoting timely dialogue and communication to foster an open, direct and respectful relationship;
- Identifying employment and business opportunities for Kaska associated with the exploration activities;
- Enhancing Kaska’s capacity to participate in opportunities related to the exploration activities and baseline data collection; and
- Establishment of a Working Group.
Dease River First Nation Chief, Myles Manygreyhorses, commented: "We are pleased to sign this agreement on behalf of the Kaska Nation with Kutcho Copper as they help set the standard for how exploration should be conducted in Kaska territory. We look forward to working with Kutcho Copper to advance our people’s understanding of both the project’s potential impacts and benefits."
Kutcho Copper’s President and CEO, Vince Sorace, commented: "The signing of the Exploration Agreement with Kaska marks a significant milestone in the evolution of the Kutcho Project. This agreement confirms Kutcho Copper and Kaska’s commitment to work collaboratively while maximizing opportunities for Kaska as the project advances towards development of the Feasibility Study."
As part of the agreement, the Kaska Nation will receive 300,000 share purchase warrants, each of which will be exercisable to acquire one common share of Kutcho at a price of $1.00 for a period of five (5) years from the execution date of the agreement. The issuance of the warrants will be subject to Kutcho Copper’s filing requirements with the TSX Venture Exchange.
Kutcho’s 2018 field programs successfully provided for all of the remaining comprehensive datasets required to complete the Feasibility Study, which is underway and anticipated to be completed by Q2/Q3 2019. Kutcho is also preparing to enter in to the Environmental Assessment process. Milestones achieved to date and other ongoing efforts include:
- Resource Drill Program. Drilling program designed to expand the mineral resource base was successful in targeting areas of the Main Lens along its down dip edge where significant portions of the mineralization remain open;
- Metallurgical Program. Significant progress has been achieved with focus on a simplified process and optimized reagent scheme with the goal of reducing costs;
- Geotechnical Models. Completed comprehensive geotechnical drilling program to provide geotechnical models and stope design as a basis for the new mine design;
- Permitting Progress. Re-establishment of comprehensive baseline environmental data collection; and,
- First Nations. With the signing of the Exploration Agreement as mentioned above, the Company now has agreements in place with both the Kaska Nation and the Tahltan Central Government.
Major project milestones to be announced in the coming weeks that will form the core components of our Feasibility Study and Permitting initiative:
- Updated 43-101 resource estimate
- Metallurgical program update
- Submission of Kutcho’s Project Description, which will mark the project’s official entry into the Environmental Assessment process.
"We have made significant progress towards the completion of our Feasibility study. With a very successful 2018 field program and subsequent completion of key technical components, we look forward to announcing some of those results over the coming weeks." stated Kutcho Copper’s President and CEO, Vince Sorace.
Subject to TSXV approval, the Company has arranged a C$1.5 million one-year term lending facility to an arms-length party and agreed to issue 500,000 bonus shares that will be subject to a hold period of four months and a day from issuance. The loan bears interest at 5% and proceeds will be used towards the completion of the Feasibility Study.
About Kutcho Copper Corp.
Kutcho Copper Corp. is a Canadian resource development company focused on expanding and developing the Kutcho high grade copper-zinc project in northern British Columbia. Committed to social responsibility and the highest environmental standards, the Company intends to progress the Kutcho Project through feasibility and permitting to a positive construction decision.
President & CEO, Kutcho Copper Corp.
Cautionary Note Regarding Forward-Looking Statements
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.
This news release contains certain statements that may be deemed “forward-looking statements” with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “indicates”, “opportunity”, “possible” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Kutcho Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s ability to raise sufficient capital to fund its obligations under its property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop the Kutcho project or its other projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations, future prices of copper and other metals, changes in general economic conditions, accuracy of mineral resource and reserve estimates, the potential for new discoveries, the potential to convert inferred resources to indicated or measured resources, the potential to optimize the mine plan, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the Kutcho project and if obtained, to obtain such permits and consents in a timely fashion relative to the Company’s plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, aboriginal title claims and rights to consultation and accommodation, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.