VANCOUVER, April 1 /CNW/ - Copper Mesa Mining Corporation ("Copper Mesa" or the "Company") (TSX:CUX) today announced the Company has entered into a binding agreement (the "Agreement") with Nortec Ventures ("Nortec") (TSX-V:NVT) to acquire a wholly owned subsidiary ("Subsidiary") of Copper Mesa. The Subsidiary, through its Ecuadorian entities, holds title to various mineral resource properties including surface rights in Ecuador.
Under the terms of the Agreement, Nortec will pay to Copper Mesa US$5,500,000 cash (the "Purchase Price"), in instalments, with the final instalment due January 31, 2010. Alternatively, Nortec may satisfy payment of the Purchase Price by paying to Copper Mesa the aggregate amount of US$5,000,000 no later than June 30, 2009. The Company has also agreed to reimburse Copper Mesa US$75,000 for various property and tax payments made in Ecuador.
Copper Mesa will continue to own the Zonia and Emerald Isle past producing copper properties located in Arizona, USA.
About Copper Mesa Mining Corporation
Copper Mesa is a mineral exploration and development company focused on advancing into production its two key past-producing copper properties, the Zonia and Emerald Isle Mines in Arizona, USA. www.coppermesacorp.com
This press release may contain forward-looking statements that are based on Copper Mesa's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
%SEDAR: 00022376E