VANCOUVER, BRITISH COLUMBIA -- (Marketwired - Oct 22, 2014) -
Columbus Copper Corp. (TSX VENTURE:CCU) ("Columbus Copper") announces that it has entered into a binding term sheet with respect to the sale of its Bursa and Kavaklitepe properties in Turkey for total consideration of US$1 million, which includes a non-refundable US$100,000 advance payment. The transaction is subject to standard closing conditions and a satisfactory due diligence review to be completed by October 30, 2014. The purchaser is the Teck Resources Ltd. group of companies who may elect to acquire the subject properties through the acquisition of Columbus Copper's Luxembourg or Turkish subsidiary, or through a purchase of the underlying property licences.
ON BEHALF OF THE BOARD
David Cliff
President & CEO
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 release contains forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"), respecting the sale of Columbus Copper's Bursa and Kavaklitepe properties. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including: risks associated with Teck not being satisfied with its due diligence review and the satisfaction of other customary closing conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including the assumption that all closing conditions will be satisfied and the transaction will close. The foregoing list is not exhaustive and Columbus Copper undertakes no obligation to update any of the foregoing except as required by law.
Contact
Columbus Copper Corp.
Investor Relations
604-634-0970
1-888-818-1364
info@columbusgroup.com
Columbus Copper Corp.
1090 Hamilton Street, Vancouver, B.C., V6B 2R9
(604) 634-0970
Toll Free: 1 888 818-1364
(604) 634-0971
info@columbusgroup.com
www.columbusgroup.com
