VANCOUVER, British Columbia,
January 29, 2013 /PRNewswire/ --
Copper North Mining Corp. ("Copper North" or "the Company")
(TSX.V: COL) is pleased to announce it has signed a Letter of
Intent ("LOI") with the Yukon Energy Corporation ("YEC") setting
out essential elements of a Power Purchase Agreement ("PPA") and
ancillary agreements to be negotiated, executed and delivered
between the parties for the supply of electricity by YEC to the
Company at the Carmacks Copper Project ("the Project") Yukon, Canada.
The PPA will contain the terms and conditions upon which YEC
will supply Copper North with the electricity requirements for the
Project from YEC's grid-based electricity generation through YEC's
transmission grid (the "Grid") and transmission connection from the
Project to the Grid.
Subject to the approval of the Yukon Utilities Board (the
"YUB"), the LOI provides that key provisions of the PPA will
include:
- Specification of project power requirements, including maximum
megavolt-ampere loads as well as projected annual energy
demand during the life of the project;
- Funding arrangements for grid connection, system upgrades,
operating costs related to grid connection and removal and
decommissioning costs; and
- Rate charges applicable to all major industrial customers.
The Company anticipates that YEC will serve the Project from the
existing Carmacks-Stewart 138 kV
transmission line, built along the Klondike Highway. A new
substation (tap-off) in the vicinity of McGregor Creek would feed an 11 km 34.5 kV
transmission spur-line to the Project's main substation,
terminating on a dead-end structure ahead of the site
substation.
Copper North will provide the capital (currently estimated at
CDN $9.7 million) for the design,
permitting and construction of the tap-off from the existing Grid,
and 11 km 34.5 kV transmission line.
President and Chief Executive Officer, Dr. Sally Eyre stated, "We have reached yet another
milestone at the Carmacks Copper Project. Following completion of
the Feasibility Study at the end of 2012, the LOI now enables us to
advance negotiations with YEC regarding a PPA for the supply of
electricity."
About Copper North
Copper North is a Canadian mineral exploration and development
company. Copper North's assets include the Carmacks Copper Project
located in the Yukon, and the
high-grade, stratiform-copper Redstone Property, located in the
Northwest Territories. Copper
North trades on the TSX Venture Exchange under the symbol COL.
Please visit http://www.coppernorthmining.com.
On behalf of the Board of Directors:
"Sally L.
Eyre"
Dr. Sally L. Eyre
President, CEO and Director
This news release includes certain forward-looking
information or forward-looking statements (collectively
"Forward-Looking Information") for the purposes of applicable
securities laws. Forward-Looking Information includes, but is not
limited to, statements with respect to the PPA, the ancillary
documents thereto and provisions to be included therein; possible
events, conditions or performance that are based on assumptions
about future courses of action; activities relating Carmacks and the matters contemplated under
the LOI, the PPA and the documents and agreements ancillary
thereto; design, permitting, construction and infrastructure time
lines and requirements; capital cost estimates. In
certain cases, Forward-Looking Information can be identified by the
use of words and phrases such as "plans", "expects" or "does not
expect", "scheduled", "estimates", "anticipates", "potential",
"recommends" or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would" or
"will be taken", "occur" or "be achieved". These statements address
future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors, which may cause the
actual results, performance or achievements to differ materially
from those anticipated in such statements. Important factors that
could cause actual results to differ materially from the Company's
expectations include, among others, the timing and success of
negotiations and finalization of the PPA and the documents and
agreements ancillary thereto, market prices, availability of
capital and financing, general economic, market or business
conditions, uninsured risks, regulatory changes, availability of
personnel, materials and equipment, timeliness of government and
other regulatory approvals, unanticipated environmental impacts on
operations and other exploration risks detailed herein and from
time to time in the filings made by the Company with securities
regulators. In making the forward-looking statements,
the Company has applied several material assumptions including, but
not limited to, the assumptions that the matters contemplated under
the LOI will proceed as planned, approval of the YUB will be
obtained in a timely manner, market fundamentals will result in
sustained metals and mineral prices, current exploration and other
objectives concerning Carmacks can
be achieved and that the Company's other corporate activities will
proceed as expected and any additional financing needed will be
available on reasonable terms. Although the Company has attempted
to identify important factors that could affect the Company and may
cause actual actions, events or results to differ materially from
those described herein, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that Forward-Looking
Information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place
undue reliance on Forward-Looking Information. The Company
expressly disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new
information, future events or otherwise except as otherwise
required by applicable securities legislation.
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.
For further information:
Peter Oates, Manager, Investor
Relations
Tel: +1-604-638-2505
Email: info@copperrnorthmining.com
Web: http://www.coppernorthmining.com
Renmark Financial Communications
Tel: +1-514-939-3989
Email: info@renmarkfinancial.com
Web: http://www.renmarkfinancial.com