Carube Copper Makes Exciting Copper Gold Discovery

Ottawa, Ontario--(Newsfile Corp. - July 22, 2016) - Carube Copper Corp. (TSXV: CUC) is pleased to announce recent initial drill results from the Bellas Gate and Above Rocks Joint Ventures in Jamaica. The 2016 exploration programs at both JVs are being operated by OZ Minerals Ltd., a $1.9B Australian copper producer.

Highlights of recent drilling:

Drilling at Bellas Gate is presently focused on the Provost Prospect where initial drilling yielded:

• Hole PVT-16-002 — 339m of 0.34% CuEq, including 10m of 1.79% CuEq
• Hole PVT-16-001 — 82m of 0.46% CuEq, including 29m of 0.63% CuEq

Drilling at Above Rocks is presently focused on the Job's Hill Prospect, where high grade copper oxide had previously been identified over a 45 metre by 600 metre surface area; initial drilling yielded:

• Hole JBH-16-001 — 5m of 0.87% CuEq and 3m of 0.48% CuEq

Jeff Ackert, President and CEO of Carube Copper stated: "Results from the new discovery at Provost are extremely encouraging as they show near surface to end of hole copper and gold mineralization situated within the five-kilometre long Porphyry Alley trend from Camel Hill, to Provost and on to Hendley. I believe that we have identified a large and significant copper-gold porphyry system with this discovery."

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Figure 1: Location of the Provost Prospect and Lucky Valley Prospect within the NW Trending Alteration Zones at the Bellas Gate Joint Venture.

Bellas Gate Drilling

At the Provost Prospect, a total of 728 metres in 3 holes has been completed with another hole in progress. Provost is a copper-gold porphyry target, located on the five kilometer long prospective Southern Alteration Zone and Porphyry Alley trend hosting numerous copper±gold porphyry systems. Soil geochemistry has defined a 400m by 400m copper in soil anomaly where strong to intense density of stockwork veining in volcanic rocks including quartz "A-veins" in malachite-mineralized outcrop are present. A recent ground Induced Polarization (IP) geophysical survey is also coincident with the mapped alteration and copper in soil anomaly.

There has been no historic drilling on this prospect, but Hole PVT-16-001 intersected copper mineralization from 29m downhole to the end of the hole at 111m. It was stopped in mineralization and abandoned due to drilling difficulties. Hole PVT-16-002 intersected copper mineralization from 29m downhole to the end of the hole at 368.15m with anomalous copper values to the end of the hole.

At the Lucky Valley Prospect one hole was drilled where an intrusive complex has been interpreted to be analogous to the Connors porphyry complex. Multiple phases of intrusions, including quartz-feldspar porphyry with strongly sheeted quartz +/- magnetite veining, have been identified in field mapping; individual rock samples yielded up to 0.44% Cu and 0.67g/t Au. A zone of anomalous Cu in soil measuring 200m by 400m has been identified in an area of poor outcrop. Assays are pending for hole LKV-16-001.

At the Provost Southeast Prospect at least one drill hole is planned. Soil sample data outlines an anomalous copper zone 600m long by 100 to 200m wide. Provost Southeast is some 800m southeast of Provost.

The Calabash Ridge Prospect is new and has been identified by surface mapping and sampling and has been upgraded in priority with the completion of the IP survey. It has been brought to the drill-ready stage and will be drilled later this quarter. Calabash Ridge is situated between the Connors Porphyry Complex and the new discovery at Provost.

Table 1: Summary of Most Recent Drilling Intersections from the Bellas Gate and Above Rocks Joint Ventures.

*Note: Hole was abandoned before target depth due to technical issues. EOH — End of Hole.

The intervals do not necessarily indicate true width of mineralization, as its geometry is not known. Copper equivalents are calculated using a US $3.00/lb. copper and a US$1200 per ounce gold price assuming unlimited internal dilution and 100% recovery of both metals.

Above Rocks Drilling

At the Jobs Hill Prospect one hole has been drilled for 237 metres while a second is currently being completed. The results of the first hole are reported in Table 1. Jobs Hill has extensive copper oxide showings and numerous exposures of malachite with good gold credits. It is hosted in a northeast trending structural zone, is at least 600m long and 45m wide and is open to the southwest. Drilling has indicated an intensely sheared contact zone between fine-grained volcanic flows and coarse-grained volcaniclastic rocks. Mineralization is comprised of chalcocite with occasional chalcopyrite and bornite. Two narrow zones of copper mineralization were encountered at depth. The second hole (results pending) was drilled beneath surface trench with visible chalcopyrite, bornite, azurite and malachite.

At the Bellas Gate JV the drilling is being fully funded by OZ Minerals under Phase 5 of the JV, which includes all work to the completion of a feasibility study. At the Above Rocks JV, this drilling campaign is part of the ARJV's Phase One exploration program, which will enable OZ Minerals to earn 40% of the project by sole funding $500,000 in exploration expenses.

Sample Preparation, Analysis and Quality Control: For a description of these items as pertaining to drill core and soil samples please see disclosure in press releases of January 14, 2015 and October 2, 2014. OZ Minerals, Carube Copper and Activation Laboratories all have robust sample security and quality control programs in place for samples collected in Jamaica.

Contacts
Jeff Ackert, President and CEO • 1-613-839-3258 • jackert@carubecopper.com
Vern Rampton, Executive VP of Corporate Development • 1-613-839-3258 • vrampton@carubecopper.com
Alar Soever, Chairman • 1-705-682-9297 • asoever@carubecopper.com

www.carubecopper.com

This press release has been reviewed and approved by Dr. Vern Rampton, P. Eng., in his capacity as a qualified person as defined under NI 43-101. All references to "$" herein are to Canadian dollars unless stated otherwise.

— END PRESS RELEASE —

Carube Copper Corp. (TSXV: CUC:) is a Canadian exploration company focused on the exploration and development of copper and gold projects in Jamaica and Canada. In Jamaica, two projects, totalling 188 square kilometres in area, are the subject of separate joint venture agreements with OZ Minerals Ltd., an Australian copper-gold producer with a market capitalization of approximately $1.9B. Carube Copper holds a 100% interest in two other nearby projects, totalling 80 square kilometres. In Canada, Carube Copper holds a 100% interest in three porphyry copper-gold-molybdenum properties, totalling 593 square kilometres within the Tertiary-aged Cascade Magmatic Arc in southwestern British Columbia. Exploration continues on these properties with the goal of joint-venturing them to larger exploration and mining companies. Carube Copper continues to seek opportunities in Canada and the Caribbean for acquisition and development.

DISCLAIMER & FORWARD LOOKING STATEMENTS

This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Carube Copper Corp. provides no assurance that actual results will meet management's expectations. Factors that can cause results to differ materially are set out in the Company's documents filed on the SEDAR website. Undue reliance should not be placed on "forward looking statements".

IMPORTANT NOTICE: By reference herewith, Carube Copper incorporates into this release the entire disclaimer set forth on our website at http://carubecopper.com/disclaimer.htm

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.