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CopperBank and the Aleut Corporation Extend Pyramid and San Diego Bay Exploration Agreements
VANCOUVER, BC / ACCESSWIRE / January 10, 2018 / CopperBank Resources Corp. (" CopperBank " o...
About this update from Faraday Copper Corp
[{"type":"text","content":"CopperBank and the Aleut Corporation Extend Pyramid and San Diego Bay Exploration AgreementsVANCOUVER, BC / ACCESSWIRE / January 10, 2018 / CopperBank Resources Corp. (\"CopperBank\" or the \"Company\") (CSE: CBK; OTC PINK: CPPKF; FRA: 9CP) is pleased to report that it has reached an agreement to extend the exploration agreements on its 100% controlled Pyramid and San Diego Bay Projects with the subsurface owners, the Aleut Corporation.\nThe original exploration agreement signed with the previous operators on June 30, 2010 is now satisfied. As per the terms of the original option agreement, this would enable the Company to enter into a mine lease, or leases, on areas of the project lands. As no exploration occurred on the exploration lands in 2013, 2014, 2015 and 2016, it has been decided to extend the exploration phase of the agreement based on the parameters set below. The amended exploration agreement also establishes a new exploration project and parameters for the San Diego Bay Project. Detailed maps of the boundaries for the exploration lands of each project can be found on the Company's website www.copperbankcorp.com.\nDetails of the amended exploration agreement for each project include:\n\n For the Pyramid Project, the exploration agreement is extended for calendar years 2018 and 2019. CopperBank will make a minimum exploration expenditure of USD $1,000,000 for each year. On or before January 1, 2020, CopperBank has the option to enter into a mine lease for portions of the Pyramid exploration lands on the same terms set out in the original option agreement signed June 30, 2010;\n For the San Diego Bay Project, a new exploration agreement specific to this project is part of the extension and will be in effect for the years 2018, 2019 and 2020. CopperBank will make a minimum exploration expenditure of USD $300,000 for 2018 and 2019, and $500,000 for 2020. On or before January 1, 2021, CopperBank has the option to enter into a mine lease for portions of the San Diego exploration lands on the same terms set out in the original option agreement signed June 30, 2010.\n\nCopperBank Executive Chairman, Gianni Kovacevic, commented, \"We are very pleased to continue our partnership with the Aleut Corporation. Our continued alignment in the responsible advancement of both projects is demonstrated in this extension of the explorati...