Trading Symbol: CCY
VANCOUVER,
Jan. 27, 2014 /CNW/ - Catalyst Copper
Corp. ("Catalyst" or the "Company") (TSX VENTURE:CCY) announces
that it has terminated the non-binding letter of intent with Teck
Resources Limited ("TRL") for the 100% acquisition of the
La Verde project (the "Property")
by Catalyst which was announced by Catalyst on October 8, 2013.
On December 31,
2013, TRL advised the Company that it is not exercising its
T-1 Option set out in the December 21,
2009 option agreement between certain subsidiaries of
Catalyst and TRL, and therefore the Property remains held 60% by
Catalyst and 40% indirectly by TRL through a wholly-owned
subsidiary ("TRL Holdco"), all subject to a 0.5% net smelter
royalty (the "NSR") held by a third party Mexican corporation.
Catalyst will reimburse TRL's Mexican subsidiary
for 60% of the expenses incurred on the Property including VAT from
January 2013 to December 31, 2013 in the amount of CAD$152,000.
Catalyst further announces that Terry Hodson resigned from the Board of
Directors effective December 31,
2013. Mr. Hodson has been a valuable contributor to the
Board and the technical program at La
Verde. We wish him every success in his future
endeavours.
About La
Verde
La Verde is located in an area
with excellent infrastructure: Roads, rail, water and power.
Lazaro Cardenas, Mexico's third
largest port on the Pacific Ocean is 180 km from the site.
Significant upside potential remains for the two known zones of
porphyry style copper, gold and silver mineralization as drill
programs have shown both deposits remain open to depth and along
strike.
ON BEHALF OF THE BOARD OF DIRECTORS OF
CATALYST COPPER CORP.
"John W. Greenslade"
John W. Greenslade - President,
CEO (Director)
Certain information set forth in this news
release may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties. These
forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of the
Company, including, but not limited to, risks associated with
mineral exploration and mining activities, the impact of general
economic conditions, industry conditions, dependence upon
regulatory approvals, and the uncertainty of obtaining additional
financing. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on 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.
SOURCE Catalyst Copper Corp.