VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 29, 2015) - Copper Lake Resources Ltd. (TSX VENTURE:CPL)(FRANKFURT:W0I) ("Copper Lake") is pleased to announce that it has received final approval from the TSX Venture Exchange ("TSX-V") regarding the following previously announced agreements:
agreement to purchase an additional 9.09% in its Norton Lake Property from White Metal Resources Corp. (see news release dated June 29, 2015); and
agreement to extend its earn-in option on the Marshall Lake Property until July 15, 2017 (see news release dated July 16, 2015).
The Norton Lake Agreement
Copper Lake will issue 2,000,000 common shares from treasury to White Metal Resources Corp. as consideration for the purchase. White Metal will also agree to vote its shares as directed by Copper Lake's management for a 24 month period following issuance. There are no other conditions. The Company now holds a 69.79% interest in the Norton Lake Property.
The Marshall Lake Agreement
In consideration for the extension, the Company will issue 500,000 common shares from treasury to each of Marshall Lake Mining Limited and Rainy Mountain Royalty Corp. ("the Optionors"). There are no other conditions.
Copper Lake currently holds a 37.50% interest in the Marshall Lake Property, while each of the Optionors currently hold a 31.25% interest. Copper Lake can earn up to a 50% interest in the property by spending an additional $1,000,000 by July 15, 2017.
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.
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