Toronto, Ontario – December 16, 2024 – Doré Copper Mining Corp. (“Doré Copper”) (TSXV: DCMC; OTCQB: DRCMF; FRA: DCM) is pleased to announce that, at the special meeting (the “Meeting“) of shareholders of Doré Copper (“Doré Copper Shareholders“) held earlier today, Doré Copper Shareholders overwhelmingly voted in favour of approving the special resolution (the “Arrangement Resolution“) authorizing the previously announced plan of arrangement (the “Arrangement“) (news release October 15, 2024) whereby Cygnus Metals Limited (“Cygnus“), through its wholly-owned subsidiary, 1505901 B.C. Ltd., will acquire all of the issued and outstanding common shares in the capital of Doré Copper (the “Doré Copper Shares“) and, in exchange, Doré Copper Shareholders will receive 1.8297 ordinary shares in the capital of Cygnus (the “Cygnus Shares“) for each Doré Copper Share held.
Doré Copper would like to thank its shareholders for their overwhelming support of the combination of Cygnus and Doré Copper to create a Québec-focused critical minerals explorer and developer with high-grade copper and lithium resources.
At the Meeting, the Arrangement Resolution was approved by (i) approximately 100% of the votes cast by Doré Copper Shareholders present in person or represented by proxy and entitled to vote, and (ii) approximately 100% of the votes cast by the minority Doré Copper Shareholders present in person or represented by proxy and entitled to vote, which excluded the votes cast in respect of the Doré Copper Shares beneficially owned, or over which control or direction is exercised, by Mario Stifano, Ernest Mast and Ocean Partners Holdings Limited, as determined in accordance with Multilateral Instrument 61-101 – Protection of Minority Shareholders in Special Transactions. A total of 121,067,401 Doré Copper Shares were voted at the Meeting, representing approximately 71.50% of the issued and outstanding Doré Copper Shares as of the record date of November 13, 2024.
Assuming that all remaining approvals are obtained and all other remaining conditions precedent to the completion of the Arrangement are satisfied or waived, Doré Copper anticipates that the Arrangement will be completed on or about December 31, 2024. Completion of the Arrangement remains subject to, among other things, satisfaction of all conditions precedent to the completion of the Arrangement, including the final approval of the Ontario Superior Court of Justice and the approval for listing of the Cygnus Shares on the TSX Venture Exchange (the “TSXV”). The hearing for the final order of the Ontario Superior Court of Justice to approve the Arrangement is scheduled to take place on December 19, 2024.
Further details regarding the Arrangement are set out in the management information circular of Doré Copper dated November 13, 2024, which is available on SEDAR+ (www.sedarplus.ca) under Doré Copper’s issuer profile.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 million pounds of copper equivalent annually by implementing a hub-and-spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill. Doré Copper has delivered its PEA in May 2022 and is proceeding with a feasibility study. Doré Copper has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometer radius of Doré Copper’s Copper Rand Mill.
For further information about Doré Copper, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, including, without limitation, statements with respect to the proposed Arrangement and the terms thereof, the completion of the Arrangement, including, receipt of all necessary court and regulatory approvals and timing thereof, the listing of the Cygnus Shares on the TSXV, and the plans, operations and prospects of Doré Copper and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the ability to obtain approvals in respect of the Arrangement and to consummate the Arrangement, the ability to obtain approvals for the listing of the Cygnus Shares on the TSXV, integration risks, actual results of current and future exploration activities, benefit of certain technology usage, the ability of prior successes and track record to determine future results, changes in project parameters and/or economic assessments, availability of capital and financing on acceptable terms, general economic, market or business conditions, future prices of metals, uninsured risks, risks relating to estimated costs, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by Doré Copper with securities regulators. Although Doré Copper has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements 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 statements. Doré Copper 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 required by law.
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.
Toronto, Ontario – November 21, 2024 – Doré Copper Mining Corp. (“Doré Copper“) (TSXV: DCMC; OTCQB: DRCMF; FRA: DCM) today announced that it has filed and is in the process of mailing the management information circular (the “Circular“) and related materials for the special meeting (the “Meeting“) of shareholders of Doré Copper (“Doré Copper Shareholders“) to be held December 16, 2024. At the Meeting, Doré Copper Shareholders will be asked to consider and vote on a special resolution (the “Arrangement Resolution“) approving a statutory plan of arrangement (the “Plan of Arrangement“) pursuant to Section 192 of the Canada Business Corporations Act (the “Arrangement“), subject to the terms and conditions of an arrangement agreement dated October 14, 2024 (the “Arrangement Agreement“) entered into among Doré Copper, Cygnus Metals Limited (“Cygnus“) and 1505901 B.C. Ltd., a wholly owned subsidiary of Cygnus, all as more particularly described in the Circular.
The board of directors of Doré Copper (the “Doré Copper Board“) and the special committee of independent directors established by the Doré Copper Board (the “Special Committee“) have unanimously determined that the Arrangement is in the best interests of Doré Copper and that the Arrangement is fair to the Doré Copper Shareholders. The Special Committee and the Doré Copper Board reviewed and considered a significant amount of information and considered a number of factors relating to the Arrangement, with the benefit of advice from Doré Copper’s management, and the financial and legal advisors of the Special Committee and the Doré Copper Board. The Special Committee unanimously recommended that the Doré Copper Board recommend to Doré Copper Shareholders that they vote FOR the Arrangement Resolution. The Doré CopperBoard unanimously recommends that Doré CopperShareholders vote FOR the Arrangement Resolution. See pages 33 to 36 of the Circular for a detailed description of the “Reasons for the Arrangement“.
In accordance with the interim order granted by the Ontario Superior Court of Justice (Commercial List) on November 12, 2024, providing for the calling and holding of the Meeting and other procedural matters relating to the Arrangement, the Arrangement can only proceed if, among other conditions, it receives the approval of not less than two-thirds (66⅔%) of the votes cast on the Arrangement Resolution by Doré Copper Shareholders in person or by proxy at the Meeting and not less than a majority (50% + 1) of the votes cast on the Arrangement Resolution by Doré Copper Shareholders in person or by proxy at the Meeting excluding the votes cast by certain interested or related parties or joint actors of Doré Copper in accordance with the minority approval requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
Under the Arrangement Agreement, the parties have agreed to effect the Arrangement, pursuant to which Cygnus will indirectly acquire all of the issued and outstanding common shares in the capital of Doré Copper (“Doré Copper Shares“), and Doré Copper Shareholders will be entitled to receive, for each Doré Copper Share held immediately prior to the effective time of the Arrangement (the “Effective Time“), 1.8297 fully paid ordinary shares (the “Consideration“) in the capital of Cygnus (each one whole share, a “Cygnus Share“).
As a result of, and immediately following the completion of, the Arrangement, Doré Copper will be an indirect wholly-owned subsidiary of Cygnus and the former Doré Copper Shareholders will be entitled to receive the Consideration for each Doré Copper Share previously held by them immediately prior to the Effective Time (subject to rounding, as provided for in the Plan of Arrangement).
Cygnus has applied for its Cygnus Shares to be listed on the TSX Venture Exchange (the “TSXV“). It is a condition of closing that Cygnus shall have received conditional listing approval from the TSXV to list the Cygnus Shares on the TSXV. Listing of the Cygnus Shares on the TSXV will be subject to Cygnus receiving approval from, and fulfilling all of the minimum listing requirements of, the TSXV.
Meeting and Circular
The Meeting of the Doré Copper Shareholders will be held at the offices of Bennett Jones LLP located at One First Canadian Place, 100 King Street West, Suite 3400, Toronto, Ontario, M5X 1A4 on December 16, 2024 at 12:00 p.m. (Toronto time). Doré Copper Shareholders of record as of the close of business on November 13, 2024 are entitled to receive notice of and to vote at the Meeting. Doré Copper Shareholders are urged to vote before the proxy deadline of 12:00 p.m. (Toronto time) on December 12, 2024.
The Circular provides important information on the Arrangement and related matters, including the background of the Arrangement, the rationale for the recommendations made by the Special Committee and the Doré Copper Board, and voting procedures. Doré Copper Shareholders are urged to read the Circular and its appendices carefully and in their entirety. The Circular is being mailed to Doré Copper Shareholders in compliance with applicable Canadian securities laws. The Circular is available under Doré Copper’s profile on SEDAR+ at www.sedarplus.ca and on Doré Copper’s website at www.dorecopper.com.
Impact of Canada Post Labour Strike
Due to the ongoing Canada Post labour strike, it is possible that Doré Copper Shareholders may experience a delay in receiving the Circular and related materials in respect of the Meeting. Doré Copper Shareholders are encouraged to access the Circular and related materials electronically as noted above. Registered holders of Doré Copper Shares experiencing a delay in receiving the Circular and related materials may contact Computershare Investor Services Inc. at 1-800-564-6253 to obtain their individual control numbers in order to vote their Doré Copper Shares. Registered holders of Doré Copper Shares are encouraged to vote their Doré Copper Shares via the internet at www.investorvote.com or via telephone at 1-866-732-VOTE (8683). Registered holders of Doré Copper Shares are also encouraged to complete and return letters of transmittal by hand or by courier to ensure the appropriate documents are received in a timely manner. Beneficial holders of Doré Copper Shares experiencing a delay in receiving the Circular and related materials should contact their broker or other intermediary for assistance in obtaining their individual control numbers in order to vote their Doré Copper Shares. Beneficial holders of Doré Copper Shares are encouraged to vote their Doré Copper Shares via the internet at www.proxyvote.com or via telephone at 1-800-474-7493 (English) or 1-800-474-7501 (French). It is recommended that any physical forms of proxy or voting instruction forms be delivered via courier to ensure that they are received in a timely manner.
Registered holders of Doré Copper Shares who wish to exercise their dissent rights in connection with the Arrangement are also cautioned to deliver their written objection to Doré Copper by mail using a method other than Canada Post or by facsimile transmission in accordance with the instructions set forth in the Circular to ensure that they are received in a timely manner.
Other Matters
Agreement with SOQUEM
Further to its news release dated July 3, 2024, on July 2, 2024, Doré Copper issued 1,190,476 Doré Copper Shares to SOQUEM at a deemed price of $0.105 per Doré Copper Share in connection with its acquisition of a 56.41% interest in a group of contiguous claims located immediately north and east of its flagship high-grade Corner Bay copper project in the Chibougamau mining camp.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 million pounds of copper equivalent annually by implementing a hub-and-spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill. Doré Copper has delivered its PEA in May 2022 and is proceeding with a feasibility study. Doré Copper has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometer radius of Doré Copper’s Copper Rand Mill.
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5) is an emerging exploration company focused on advancing the Pontax Lithium Project (earning up to 70%), the Auclair Lithium Project and the Sakami Lithium Project in the world class James Bay lithium district in Québec, Canada. In addition, Cygnus has REE and base metal projects at Bencubbin and Snake Rock in Western Australia. The Cygnus Board of Directors and Technical Management team have a proven track record of substantial exploration success and creating wealth for shareholders and all stakeholders in recent years. Cygnus’ tenements range from early-stage exploration areas through to advanced drill-ready targets.
For further information about Doré Copper, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, including, without limitation, statements with respect to the proposed Arrangement and the terms thereof, the completion of the Arrangement, including receipt of all necessary court, shareholder and regulatory approvals and timing thereof, the listing of the Cygnus Shares on the TSXV, and the plans, operations and prospects of Doré Copper and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the ability to obtain approvals in respect of the Arrangement and to consummate the Arrangement, the ability to obtain approvals for the listing of the Cygnus Shares on the TSXV, integration risks, actual results of current and future exploration activities, benefit of certain technology usage, the ability of prior successes and track record to determine future results, changes in project parameters and/or economic assessments, availability of capital and financing on acceptable terms, general economic, market or business conditions, future prices of metals, uninsured risks, risks relating to estimated costs, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by Doré Copper with securities regulators. Although Doré Copper has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements 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 statements. Doré Copper 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 required by law.
Neither 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.
Not for distribution to United States news wire services or for dissemination in the United States
Toronto, Ontario – November 5, 2024 – Doré Copper Mining Corp. (“Doré Copper”) (TSXV: DCMC; OTCQB: DRCMF; FRA: DCM) is pleased to announce, further to its news release dated October 15, 2024, an update on the definitive arrangement agreement (the “Agreement”) with Cygnus Metals Limited (ASX: CY5) (“Cygnus”) pursuant to which Cygnus has agreed to acquire 100% of the issued and outstanding common shares of Doré Copper (the “Doré CopperShares”) by way of a court approved plan of arrangement under the Canada Business Corporation Act (the “Transaction”).
A key obligation in the Agreement has been met with Cygnus having successfully raised a minimum of A$5.0 million as part of a first tranche (see ASX Announcement dated October 17, 2024).
Cygnus Metals Limited (ASX:CY5) announced that it has received commitments from institutional and sophisticated investors to raise A$11.0 million (before costs) through the issue of 152,777,778 fully paid ordinary shares in the Company at an issue price of A$0.072 per Share (“Placement”). The Placement was extremely well supported and oversubscribed.
Agreement with Epstein Research
Doré Copper has entered into a paid advertisement services agreement with Peter Epstein (“Epstein Research”) on October 22, 2024 to increase investor engagement and create more awareness for the company. Epstein Research’s engagement is for an initial term of six (6) months and is subject to renewal or cancellation in accordance with its terms. Epstein Research operates from New York, New York, and provides promotional services, including social media and online advertising of Doré Copper posted on Epstein Research homepage, CEO.ca, Substack, and Linked-In; monthly written articles on Doré Copper and/or company interviews written exclusively by Peter Epstein; and frequent online commentary on Doré Copper on websites including CEO.ca, Stockhouse, TalkMarkets, Linked-In, and Twitter/X.
Doré Copper has agreed to pay Epstein Research US$2,000 per month for these services. There are no common shares or options to be received as compensation in the service agreement. In addition, Epstein Research is an unrelated and unaffiliated entity in respect of the Corporation and, at the time of the agreement, Mr. Epstein owns securities of the Corporation.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 million pounds of copper equivalent annually by implementing a hub-and-spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill. Doré Copper has delivered its PEA in May 2022 and is proceeding with a feasibility study. Doré Copper has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometer radius of Doré Copper’s Copper Rand Mill.
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5) is an emerging exploration company focused on advancing the Pontax Lithium Project (earning up to 70%), the Auclair Lithium Project and the Sakami Lithium Project in the world class James Bay lithium district in Québec, Canada. In addition, Cygnus has REE and base metal projects at Bencubbin and Snake Rock in Western Australia. The Cygnus Board of Directors and Technical Management team have a proven track record of substantial exploration success and creating wealth for shareholders and all stakeholders in recent years. Cygnus’ tenements range from early-stage exploration areas through to advanced drill-ready targets.
For further information about Doré Copper, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, including, without limitation, statements with respect to the proposed Transaction and the terms thereof, the completion of the Transaction, including receipt of all necessary court, shareholder and regulatory approvals and timing thereof, any listing of the Cygnus Shares on the TSX-V or on another recognized North American stock exchange and the intent of the parties to pursue any such listing, the Cygnus equity raise and the terms thereof, and the plans, operations and prospects of Doré Copper and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the ability to obtain approvals in respect of the Transaction and to consummate the Transaction, the ability to obtain approvals for the listing of the Cygnus Shares on the TSXV or on another recognized North American stock exchange, integration risks, actual results of current and future exploration activities, benefit of certain technology usage, the ability of prior successes and track record to determine future results, changes in project parameters and/or economic assessments, availability of capital and financing on acceptable terms, general economic, market or business conditions, future prices of metals, uninsured risks, risks relating to estimated costs, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by Doré Copper with securities regulators. Although Doré Copper has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements 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 statements. Doré Copper 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 required by law.
Neither 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.
Not for distribution to United States news wire services or for dissemination in the United States
Toronto, Ontario – October 15, 2024 – Doré Copper Mining Corp. (“Doré Copper”) (TSXV: DCMC; OTCQB: DRCMF; FRA: DCM) is pleased to announce that it has entered into a definitive arrangement agreement (the “Agreement”) on October 14, 2024 with Cygnus Metals Limited (ASX: CY5) (“Cygnus”) to combine their respective businesses in a merger of equals transaction, pursuant to which Cygnus has agreed to acquire 100% of the issued and outstanding common shares of Doré Copper (the “Doré CopperShares”) by way of a court approved plan of arrangement under the Canada Business Corporation Act (the “Transaction”).
This Transaction will create a Québec-focused critical minerals explorer and developer with high-grade copper and lithium resources. The merger of equals will bring together proven members of management with strong capital markets experience, project development, mine building and operational expertise and a proven track record of mineral discoveries.
Pursuant to the terms of the Agreement, holders of Doré Copper Shares will receive 1.8297 ordinary shares of Cygnus (“Cygnus Shares”) in exchange for each Doré Copper Share (the “Exchange Ratio”) held immediately prior to the effective time of the Transaction (the “Effective Time”). The Exchange Ratio is based on an approximate 5-day volume-weighted average price of Doré Copper Shares on the TSX Venture Exchange (“TSXV”) and Cygnus Shares on the Australian Stock Exchange (“ASX”) as at October 11, 2024. This represents an implied value of C$0.141 per Doré Copper Share and an implied equity value for Doré Copper of C$24 million. As of the date of theAgreement, existing shareholders of Doré Copper (“Doré CopperShareholders”) and shareholders of Cygnus will own approximately 45% and 55%, respectively, of the outstanding Cygnus Shares following completion of the Transaction (before taking into account the Cygnus Equity Raise (as defined below)). In connection with the Transaction, Cygnus intends to complete an equity raise of Cygnus Shares for aggregate gross proceeds of up to a maximum of A$11 million (with a minimum of A$5 million) (the “Cygnus Equity Raise”). The net proceeds of the Cygnus Equity Raise are expected to be used for, among other things, advancing the Chibougamau project (assuming the Transaction is completed) and Cygnus’ James Bay lithium projects. Pursuant to the Agreement, Cygnus has covenanted to use commercially reasonable best efforts to complete the Cygnus Equity Raise.
Transaction Strategic Rationale
Diversified Pipeline and Geographical Synergies: The addition of Cygnus’ quality lithium projects in James Bay, Québec, including Pontax, Auclair and Sakami, to Doré Copper’s high-grade copper assets, expands the asset portfolio of the combined company and provides an opportunity to leverage potential geographical synergy between the lithium properties and Doré Copper’s processing facility near Chibougamau.
Strong Combined Management: The combined company is expected to benefit from the unique combination of Cygnus’ and Doré Copper’s management teams providing for strong capital markets experience and proven exploration success, project development and operational expertise.
Capital Markets Presence and Financial Strength: As Cygnus intends to apply for and obtain the listing of the Cygnus Shares on the TSXV as a condition to closing, the Transaction represents an opportunity to elevate the global profile and capital markets presence of the combined company with a dual ASX and TSXV listing.
Supported Transaction: The Transaction is supported by Doré Copper’s largest shareholders and key strategic investors, Ocean Partners Holdings Limited (“Ocean Partners”) and Equinox Partners Investment Management, LLC (“Equinox Partners”), as well as its directors and officers, who have entered into voting support agreements.
Doré Copper President and Chief Executive Officer, Ernest Mast, commented: “The Doré Copper team is looking forward to working with the Cygnus team to create a critical metals company and to maximize the value of our quality assets in Chibougamau. This merger will provide the funding, additional expertise and the strategy to generate superior shareholder returns through brownfields exploration and to implement a profitable hub-and-spoke operation in the Chibougamau mining camp.”
Cygnus Executive Chairman, David Southam, stated: “This merger is an exceptional opportunity to create value for both groups of shareholders. By combining the proven exploration and management skills of the Cygnus team with the high-grade copper resources and immense upside potential at the Chibougamau properties, we have the potential to unlock substantial value. We intend to devise and implement an aggressive exploration program, utilizing highly experienced geologists and the latest technology, with the aim of driving strong resource growth at a time when the world desperately wants more copper from tier-one locations.
Being able to combine our skill sets with a Québec-based team who has experience in building large resource projects with support from the local communities also provides us with those local connections and experience to assist in advancing our lithium projects in a better macro environment.”
Benefits to Doré Copper Shareholders
Enhanced Liquidity: The increased size of the combined company and anticipated dual listing (ASX and TSXV) of the Cygnus Shares is expected to provide for greater liquidity and access to additional capital markets for shareholders of the combined company.
Diversification of Asset Base: Doré Copper Shareholders will gain exposure to Cygnus’ quality lithium projects in James Bay, Québec, including the Pontax project, with its JORC Mineral Resource Estimate, while retaining participation in any future upsize from the Chibougamau high-grade copper assets and Doré Copper’s exploration portfolio.
Pathway for Accelerated Exploration to Enhance Hub-and Spoke Operation Model: It is expected that the combined company will systematically explore the Chibougamau mining camp using modern exploration techniques and geophysics with the objective of growing the resource inventory.
Leveraging Cygnus Team Proven Track Record of Success in Both Exploration, Development and Production Companies: The Cygnus team has been involved in certain transactions which returned significant shareholder value over time such as Bellevue Gold, Mincor Resources, Firefly Metals Limited, Andean Silver Limited, Ramelius Resources and Kidman Resources.
Summary of Transaction Terms
Pursuant to the terms and conditions of the Agreement, Doré Copper Shareholders will receive 1.8297 fully paid Cygnus Shares for each Doré Copper Share held immediately prior to the Effective Time, implying a consideration of C$0.141 per Doré Copper Share. In addition, (i) all outstanding stock options of Doré Copper immediately prior to the Effective Time shall be exchanged for replacement options of Cygnus and exercisable to acquire such number of Cygnus Shares at such exercise price in accordance with the Exchange Ratio, (ii) all outstanding deferred share units of Doré Copper immediately prior to the Effective Time (whether vested or unvested) will be deemed to have been unconditionally vested and immediately redeemed and cancelled in consideration for Doré Copper Shares prior to the exchange for Cygnus Shares; and (iii) all outstanding warrants of Doré Copper will be adjusted in accordance with their terms and become exercisable, based on the Exchange Ratio, to purchase Cygnus Shares on substantially the same terms and conditions.
The Transaction will be effected by way of a court-approved plan of arrangement under the Canada Business Corporations Act and will require the approval of (a) at least 66 2/3% of the votes cast by Doré Copper Shareholders, and (b) if necessary, a simple majority of the votes cast by Doré Copper Shareholders, excluding certain related parties as prescribed by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, in each case, voting in person or represented by proxy at a special meeting of Doré Copper Shareholders to consider the Transaction (the “Doré Meeting”). The Doré Meeting is expected to be held in December 2024.
Doré Copper’s major shareholders, Equinox Partners and Ocean Partners and each director and officer of Doré Copper, representing, in the aggregate, approximately 61.34% of the issued and outstanding Doré Copper Shares, have entered into voting support agreements with Cygnus, pursuant to which each of them has agreed to, among other things, vote in favour of the Transaction at the Doré Meeting.
The Agreement includes customary representations and warranties for a transaction of this nature as well as customary interim period covenants regarding the operation of Cygnus’ and Doré Copper’s businesses. The Agreement also provides for customary deal protection provisions including fiduciary-out provisions, non-solicitation covenants and a right to match any superior proposal as defined by the Agreement as well as a termination fee payable to Cygnus in certain circumstances.
Completion of the Transaction is subject to customary conditions, including, among others, court approval, regulatory approval and Doré Copper Shareholder approval. In addition to customary closing conditions, the Transaction is also subject to the receipt of conditional approval of the TSXV for the listing of the Cygnus Shares.
Subject to the satisfaction (or waiver) of all conditions to closing set out in the Agreement, it is anticipated that the Transaction will be completed in December 2024. Upon closing of the Transaction, it is expected the Doré Copper Shares will be delisted from the TSXV.
Further information regarding the Transaction will be included in a management information circular (the “Circular”) to be delivered to Doré Copper Shareholders in connection with the Doré Meeting. Copies of the Circular, the Agreement, the voting support agreements and certain related documents will be filed with the applicable Canadian securities regulators and will be available on SEDAR+ at www.sedarplus.ca.
Board of Directors and Management
Upon closing of the Transaction, it is presently anticipated that the board of the combined company will be comprised of three (3) directors from each of Cygnus and Doré Copper. In addition, it is expected that David Southam, current Executive Chair of Cygnus, will remain as Executive Chair of the combined company and Ernest Mast, current President and Chief Executive Officer of Doré Copper, will be the President and Managing Director of the combined company. The remainder of the board of the combined company will be comprised of two (2) non-executive directors from each company: Kevin Tomlinson (Canada based) and Raymond Shorrocks (Australia based) from Cygnus, and Mario Stifano, current Executive Chairman of Doré Copper, and Brent Omland from Doré Copper.
Special Committee and Board Recommendations and Fairness Opinion
The board of directors of Doré Copper (the “Board”), having received a unanimous recommendation from a special committee comprised solely of independent directors of Doré Copper (the “Special Committee”) and after receiving outside legal and financial advice, unanimously determined that the Transaction is in the best interests of Doré Copper and is fair to the Doré Copper Shareholders and unanimously recommends that Doré Copper Shareholders vote in favour of the Transaction. In making their respective determinations, the Board and the Special Committee considered, among other factors, the oral fairness opinion of Paradigm Capital Inc. (“Paradigm Capital”)to the effect that as of the date hereof, subject to the assumptions, limitations and qualifications contained in its opinion, the consideration to be received by Doré Copper Shareholders pursuant to the Transaction is fair, from a financial point of view to the Doré Copper Shareholders. A copy of the fairness opinion of Paradigm Capital will be included in the Circular.
Advisors and Counsel
Doré Copper has engaged Paradigm Capital, who has provided a fairness opinion in respect of the Transaction, Bennett Jones LLP as Canadian legal advisor and Thomson Geer as Australian legal advisor in relation to the Transaction.
Cygnus has engaged Canaccord Genuity Corp. as financial advisor, Hamilton Locke as Australian legal advisor and Osler, Hoskin & Harcourt LLP as Canadian legal advisor in relation to the Transaction.
Canaccord Genuity and Euroz Hartleys are acting as joint lead managers to the Cygnus Equity Raise.
Qualified Persons
All scientific and technical data contained in this news release has been reviewed and approved by Ernest Mast, P.Eng, President and CEO of Doré Copper, and Jean Tanguay, P.Geo., General Manager of Doré Copper, Qualified Persons within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 million pounds of copper equivalent annually by implementing a hub-and-spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill. Doré Copper has delivered its PEA in May 2022 and is proceeding with a feasibility study. Doré Copper has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometer radius of Doré Copper’s Copper Rand Mill.
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5) is an emerging exploration company focused on advancing the Pontax Lithium Project (earning up to 70%), the Auclair Lithium Project and the Sakami Lithium Project in the world class James Bay lithium district in Québec, Canada. In addition, Cygnus has REE and base metal projects at Bencubbin and Snake Rock in Western Australia. The Cygnus Board of Directors and Technical Management team have a proven track record of substantial exploration success and creating wealth for shareholders and all stakeholders in recent years. Cygnus’ tenements range from early-stage exploration areas through to advanced drill-ready targets.
For further information about Doré Copper, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
Based on the Exchange Ratio multiplied by the closing price of Cygnus Shares on the ASX of A$ 0.083 on October 11, and converted to C$0.077 using AUD/CAD exchange rate of 0.9277.
Based on the implied value of the Doré Copper Shares multiplied by Doré Copper’s 169,258,863 undiluted shares.
Technical report titled “Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada” dated June 15, 2022, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc.
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, including, without limitation, statements with respect to the proposed Transaction and the terms thereof, the proposed benefits to be derived from the Transaction, including, but not limited to, the goals, strategies, opportunities, technologies used, project timelines and funding requirements, impact of combined management expertise and prospective shareholding, the anticipated date of the Doré Meeting, the anticipated filing of materials on SEDAR+, the completion of the Transaction, including, receipt of all necessary court, shareholder and regulatory approvals and timing thereof, the proposed Cygnus Equity Raise and the terms thereof, the proposed use of proceeds of the Cygnus Equity Raise, the expectation that the Doré Copper Shares will be delisted from the TSXV, the expectation that the Cygnus Shares will be dual-listed on the ASX and TSXV, and the plans, operations and prospects of Doré Copper and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the ability to obtain approvals in respect of the Transaction and to consummate the Transaction, the ability to obtain approvals for the listing of the Cygnus Shares on the TSXV, the ability to complete the Cygnus Equity Raise and the timing thereof, integration risks, actual results of current and future exploration activities, benefit of certain technology usage, the ability of prior successes and track record to determine future results, changes in project parameters and/or economic assessments, availability of capital and financing on acceptable terms, general economic, market or business conditions, future prices of metals, uninsured risks, risks relating to estimated costs, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by Doré Copper with securities regulators. Although Doré Copper has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements 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 statements. Doré Copper 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 required by law.
Neither 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.
Not for distribution to United States news wire services or for dissemination in the United States
Toronto, Ontario – September 26, 2024 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV:DCMC; OTCQB:DRCMF; FRA:DCM) is pleased to announce that it has closed its previously announced non-brokered private placement offering, pursuant to which the Corporation sold an aggregate of: (i) 20,960,955 common shares in the capital of the Corporation (the “Common Shares“) at a price of $0.105 per Common Share for gross proceeds of approximately $2,200,900; (ii) 1,400,000 common shares in the capital of the Corporation that will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec) (the “Traditional Flow-Through Shares“) at a price of $0.125 per Traditional Flow-Through Share for gross proceeds of $175,000; and (iii) 11,500,000 common shares in the capital of the Corporation that will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec) (the “Charitable Flow-Through Shares” and together with the Traditional Flow-Through Shares, the “Flow-Through Shares“) at a price of $0.20 per Charitable Flow-Through Share for gross proceeds of $2,300,000, for aggregate gross proceeds to the Corporation of approximately $4,675,900(collectively, the “Offering“). The Offering was oversubscribed.
Canaccord Genuity Corp. and Red Cloud Securities Inc. acted as finders (each, a “Finder“) in connection with the Offering. In consideration for acting as a Finder in connection with the Offering, the Corporation paid an aggregate of $3,000 in cash finder’s fees to the Finders, representing 6% of the gross proceeds of the Traditional Flow-Through Shares that were sold to subscribers introduced by such parties, and issued an aggregate of 24,000 non-transferable warrants (the “Finder’s Warrants“) to purchase common shares in the capital of the Corporation (the “Finder’s Warrant Shares“) to the Finders, representing 6% of the Traditional Flow-Through Shares that were sold to subscribers introduced by such parties, with each Finder’s Warrant being exercisable for one Finder’s Warrant Share at a price of $0.105 per Finder’s Warrant Share until September 26, 2026.
The net proceeds from the sale of the Common Shares will be used for exploration and development activities, feasibility study work, permitting activities and for working capital and general corporate purposes. The Corporation will use an amount equal to the gross proceeds received by the Corporation from the sale of the Flow-Through Shares, pursuant to the provisions in the Income Tax Act (Canada), to incur, directly or indirectly, on or before December 31, 2025, expenses (“Qualifying Expenditures“) related to the Corporation’s projects in Québec that are eligible “Canadian exploration expenses” (as defined in the Income Tax Act (Canada)), which will qualify as “flow-through critical mineral mining expenditures” (as defined in the Income Tax Act (Canada)), and renounce all the Qualifying Expenditures in favour of the applicable subscribers of the Flow-Through Shares effective December 31, 2024. In addition, with respect to subscribers who are eligible individuals under the Taxation Act (Québec), the Qualifying Expenditures will also qualify for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning of section 726.4.10 of the Taxation Act (Québec) and for inclusion in the “exploration base relating to certain Québec surface mining exploration expenses” within the meaning of section 726.4.17.2 of the Taxation Act (Québec).
Ocean Partners UK Limited (“Ocean Partners“), an insider of the Corporation, and funds managed by Equinox Partners Investment Management, LLC (“Equinox Partners“), an insider of the Corporation, subscribed for 7,719,047 Common Shares and 7,719,048 Common Shares, respectively, under the Offering on the same terms as arm’s length investors. Additionally, the Corporation understands that Ocean Partners and funds managed by Equinox Partners were each party to an arrangement with the initial subscribers of the Charitable Flow-Through Shares or donees thereof, pursuant to which Ocean Partners and funds managed by Equinox Partners each purchased 5,750,000 common shares in the capital of the Corporation. The participation of Ocean Partners and Equinox Partners in the Offering constitutes a “related party transaction” for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Corporation is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Offering in reliance on sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the securities issued to the related parties nor the fair market value of the consideration for the securities issued to the related parties exceeds 25% of the Corporation’s market capitalization as calculated in accordance with MI 61-101. The Corporation did not file a material change report more than 21 days before the expected closing date of the Offering as the aforementioned insider participation had not been confirmed at that time and the Corporation wished to close the Offering as expeditiously as possible.
The Offering was made by way of private placement in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements and, in the case of the Common Shares, in certain other jurisdictions, in each case in accordance with all applicable laws. The Offering of the Common Shares was conducted on a private placement basis to persons in the United States who are “accredited investors”, as such term is defined in Rule 501(a) of Regulation D (“Regulation D“) under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), and in compliance with Rule 506(b) of Regulation D and applicable United States securities laws. The securities issued under the Offering are subject to a four month hold period under applicable Canadian securities laws which will expire on January 27, 2025. The Offering is subject to final acceptance of the TSX Venture Exchange.
The securities offered have not been, nor will they be, registered under the U.S. Securities Act or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 million pounds of copper equivalent annually by implementing a hub-and-spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill1. The Corporation has delivered its PEA in May 2022 and is proceeding with a feasibility study.
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold2. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometer radius of the Corporation’s Copper Rand Mill.
For further information, please visit the Corporation’s website at www.dorecopper.com or refer to Doré Copper’s SEDAR+ filings at www.sedarplus.ca or contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
Technical report titled “Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada” dated June 15, 2022, in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc.
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the use of proceeds of the Offering, the timing and ability of the Corporation to receive necessary regulatory approvals, including the final acceptance of the Offering from the TSX Venture Exchange, the renunciation to the purchasers of the Flow-Through Shares and timing thereof, the tax treatment of the Flow-Through Shares, the Corporation’s ability to meet its production target, the commencement, timing and completion of a feasibility study, and the plans, operations and prospects of the Corporation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; the price of gold and copper; and the results of current exploration. There can be no assurance that such statements 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 statements. The Corporation 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 required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Not for distribution to United States news wire services or for dissemination in the United States
Toronto, Ontario – September 4, 2024 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV:DCMC; OTCQB:DRCMF; FRA:DCM) is pleased to announce a non-brokered private placement offering of: (i) up to 20,952,381 common shares in the capital of the Corporation (the “Common Shares“) at a price of $0.105 per Common Share for gross proceeds of up to $2,200,000; (ii) up to 960,000 common shares in the capital of the Corporation that will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec) (the “Traditional Flow-Through Shares“) at a price of $0.125 per Traditional Flow-Through Share for gross proceeds of up to $120,000; and (iii) up to 11,500,000 common shares in the capital of the Corporation that will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec) (the “Charitable Flow-Through Shares” and together with the Traditional Flow-Through Shares, the “Flow-Through Shares“) at a price of $0.20 per Charitable Flow-Through Share for gross proceeds of up to $2,300,000, for aggregate gross proceeds to the Corporation of up to $4,620,000 (collectively, the “Offering“).
The net proceeds from the sale of the Common Shares will be used for exploration and development activities, feasibility study work, permitting activities and for working capital and general corporate purposes. The Corporation will use an amount equal to the gross proceeds received by the Corporation from the sale of the Flow-Through Shares, pursuant to the provisions in the Income Tax Act (Canada), to incur, directly or indirectly, on or before December 31, 2025, expenses (“Qualifying Expenditures“) related to the Corporation’s projects in Québec that are eligible “Canadian exploration expenses” (as defined in the Income Tax Act (Canada)), which will qualify as “flow-through critical mineral mining expenditures” (as defined in the Income Tax Act (Canada)), and renounce all the Qualifying Expenditures in favour of the applicable subscribers of the Flow-Through Shares effective December 31, 2024. In addition, with respect to Québec resident subscribers who are eligible individuals under the Taxation Act (Québec), the Qualifying Expenditures will also qualify for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning of section 726.4.10 of the Taxation Act (Québec) and for inclusion in the “exploration base relating to certain Québec surface mining exploration expenses” within the meaning of section 726.4.17.2 of the Taxation Act (Québec).
In connection with the Offering, the Corporation may engage certain arm’s-length parties who may receive a cash finder’s fee payment and/or warrants to purchase common shares in the capital of the Corporation in consideration of securities that are sold to subscribers introduced by such parties. Any cash finder’s fee payment and/or warrants will be subject to the approval of, and will be issued in accordance with the rules of, the TSX Venture Exchange.
The Offering is expected to close on or about September 20, 2024, or such other date as the Corporation may determine and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the acceptance of the TSX Venture Exchange.
The Offering will be made by way of private placement in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements and, in the case of the Common Shares, such other jurisdictions, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction. The securities issued under the Offering will be subject to a four-month hold period under applicable Canadian securities laws.
The securities offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 million pounds of copper equivalent annually by implementing a hub-and-spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill1. The Corporation has delivered its PEA in May 2022 and is proceeding with a feasibility study.
The Corporation has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold2. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometer radius of the Corporation’s Copper Rand Mill.
For further information, please visit the Corporation’s website at www.dorecopper.com or refer to Doré Copper’s SEDAR+ filings at www.sedarplus.ca or contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
Technical report titled “Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada” dated June 15, 2022, in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc.
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the terms of the Offering, the use of proceeds of the Offering, the timing and ability of the Corporation to close the Offering, the timing and ability of the Corporation to receive necessary regulatory approvals, including the acceptance of the Offering from the TSX Venture Exchange, the renunciation to the purchasers of the Flow-Through Shares and timing thereof, the tax treatment of the Flow-Through Shares, the Corporation’s ability to meet its production target, the commencement, timing and completion of a feasibility study, and the plans, operations and prospects of the Corporation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; the price of gold and copper; and the results of current exploration. There can be no assurance that such statements 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 statements. The Corporation 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 required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Toronto, Ontario – July 24, 2024 – Doré Copper Mining Corp. (the “Company” or “Doré Copper“) (TSXV: DCMC; OTCQB: DRCMF; FRA: DCM) completed two drill holes totaling 1,392 meters which successfully extended the Southwest Zone of the former Cedar Bay copper-gold mine located in the Chibougamau mining camp, approximately 5 kilometers by road from its Copper Rand mill.
The Southwest Zone is located 300 meters to the southwest of the Cedar Bay mine Main Zone and was partially developed in late 1960s by Campbell Chibougamau Mines Limited (“Campbell”) on two levels (114 meters and 200 meters) right to the property limit with Patino Mining. The best results of Campbell’s drilling campaign in the Southwest Zone included 5.2 meters of 2.56% Cu and 3.9 meters of 2.22% Cu and 1.3 g/t Au1. The potential extension of the Cedar Bay Southwest Zone along strike to the southeast was never tested by Patino Mining and subsequent companies that controlled that ground. In total, approximately 1,080 meters of strike length had not been tested up to the Lac Doré Fault.
The two drill holes completed by Doré Copper targeting the Southwest Zone to the southeast intersected two zones of copper mineralization within strong ductile shear zones with intense hydrothermal alteration. Hole CDR-24-09 intersected 1.6 meters of 1.06% Cu and 20.7 g/t Ag, including 0.6 meter of 2.82% Cu, 54.8 g/t Ag and 0.33 g/t Au, at a vertical depth of 414 meters. The mineralized intersection is characterized by strong pervasive carbonate-chlorite-sericite alteration with banded semi-massive chalcopyrite and pyrrhotite associated with quartz veinlets. Hole CDR-24-10 intersected a wide shear structure of +130 meters (true width) characterized by pervasive black chlorite and carbonate veining alteration starting at a vertical depth of 449 meters. Copper mineralization was intersected at a vertical depth of 541 meters with 0.40 meter of 1.70% Cu and 2.03 g/t Au, characterized by chalcopyrite disseminations and blebs in a discontinuous massive iron oxide band. The strong alteration footprint intersected in hole CDR-24-10 in the anorthosite to gabbroic rocks is characteristic of the Doré Lake Complex magmatic-hydrothermal system and is interpreted to be an indicator of proximity to mineralized ore bodies of the Cu-Au central mining camp.
The Company plans to conduct downhole geophysics to locate stronger conductors near and along the structure as the first hole may not have crossed it. The strong alteration footprint intersected in the second hole is promising as it indicates approximately 400 meters of strike length untested towards the Doré Lake Fault.
Doré Copper received a grant from the Government of Québec of approximately C$182,000 towards the drilling program and geometallurgical characterization. The grant has been offered under the Mineral Exploration Support Program for Critical and Strategic Minerals (Programme de soutien à l’exploration minière pour les minéraux critiques et stratégiques 20212024 or PSEM-MCS), which is overseen by the Ministry of Natural Resources and Forests (Ministère des Ressources naturelles et des Forêts or MRNF).
Ernest Mast, President and CEO of Doré Copper, commented, “We have confirmed the extension of the Cedar Bay Southwest structure towards the Lac Doré fault in two drill holes, including 1.6 meters of 1.06% Cu and 20.7 g/t Ag. We are very excited by the strong alteration in a wide shear zone characteristic of the large copper-gold ore bodies in the camp, including Doré Copper’sCopper Rand and Cedar Bay mines. The next step is to conduct a downhole geophysical survey (pulse EM) to identify the potential for larger mineralized zones along the structure followed by additional drilling. We would also like to thank the Government of Québec for exploration grant and their support to develop the critical and strategic minerals industry within the province.”
Cedar Bay Mine
The Cedar Bay mine operated from 1958 to 1990 and produced 3.9 million tonnes grading 1.56% Cu and 3.22 g/t Au2. The ore from the mine was processed at the Copper Rand mill located 5 kilometers by road. The deposit was mined to a depth of 670.5 meters and the existing shaft extends to a depth of 1,036 meters.
Doré Copper completed four holes (including wedges) totaling 4,842 meters in 2018 and reported an Indicated resource of 130,000 tonnes at 9.44 g/t Au and 1.55% Cu, and an Inferred resource of 230,000 tonnes at 8.32 g/t Au and 2.13% Cu (effective date of December 31, 2018)3. During 2020, the Corporation completed 9,025 meters of drilling and successfully extended a number of mineralized lenses (the 10-20A and 10-20B).
Table 1. Assays Highlights from the 2024 Drill Program at Cedar Bay SW Extension
Hole
Azimuth/Dip
From(m)
To(m)
Width1(m)
Au(g/t)
Ag(g/t)
Cu(%)
Zone
CDR-24-09
227°/47°
97.0
97.7
0.70
1.95
9.90
0.22
unknown
200.4
201.0
0.60
1.42
2.10
0.11
unknown
575.3
576.9
1.60
0.12
20.68
1.06
SW1
Including
575.7
576.3
0.60
0.33
54.80
2.82
SW1
CDR-24-10
190°/47°
757.2
757.6
0.40
2.03
1.50
1.70
SW2
762.0
762.7
0.70
1.27
0.35
0.16
unknown
1The true width of the structures intersected is estimated at approximately 65-80% of the downhole width for Cedar Bay SW Extension.
Figure 1. Plan View of Copper Rand Property Showing the Cedar Bay SW Target
Figure 2. Plan View and Long Section Showing the Cedar Bay Southwest Zone Extension
Drilling and Quality Control
The Company is using Miikan Drilling as the drilling contractor. Miikan is a joint venture between Chibougamau Diamond Drilling Ltd., the First Nations community of Ouje-Bougoumou and the First Nations community of Mistissini both located in the Eeyou Istchee territory.
Sample (HQ size half core) preparation and fire assay analysis were done at ALS Canada Ltd. (“ALS”) in Val-d’Or, Québec, and ICP multi-elements analysis was done at ALS in Vancouver, B.C. Samples were weighed, dried, crushed to 70% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 microns. Samples are fire assayed for gold (Au) (50 g) and Aqua Regia ICP-AES finish for key elements (Ag, Cu, Mo). Samples assaying >10.0 g/t Au are re-analyzed with a gravimetric finish using a 50 g charge.
QA/QC is done in house by Doré Copper geologists with oversight from the Senior Geologist. The check samples (blanks and standards – 4% of total samples with another 2% of core duplicates taken on half split core) that were inserted into the sample batches are verified against their certified values and are deemed a pass if they are within 3 standard deviations of the certified value. The duplicates are evaluated against each other to determine mineralization distribution (nugget). If there are large discrepancies in the check samples, then the entire batch is requested to be re-assayed.
Youssouf Ahmadou, M.Sc., P.Geo., Senior Exploration Geologist of the Company and a QP within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
The Qualified Person (“QP”) for the Company has not verified the historical sample analytical data disclosed within this release. While the Company has obtained all historic records including analytical data from the previous owners of the Property and from various government databases, the Company has not independently verified the results of the historic sampling.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually by implementing a hub-and-spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill3.The Company has delivered its PEA in May 2022 and is proceeding with a feasibility study.
The Company has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold2.The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Company’s Copper Rand Mill.
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
Reference: Bunkhouse zone (Cedar Bay SW) Longitudinal section (Campbell Chibougamau Mines Ltd 1976).
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
Technical report titled “Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada” dated June 15, 2022, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc.
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, including, without limitation, statements with respect to the timing and ability of the Company to receive necessary regulatory approvals, the Company’s ability to meet its production target, the commencement, timing and completion of a feasibility study, and the plans, operations and prospects of the Company and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements 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 statements. The Company 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 required by law.
Neither 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 news release.
Toronto, Ontario – July 3, 2024 – Doré Copper Mining Corp. (the “Company” or “Doré Copper“) (TSXV: DCMC; OTCQB: DRCMF; FRA: DCM) is pleased to announce it has entered into an agreement with SOQUEM to acquire a 56.41% interest in a group of contiguous claims (the “Claim Group”) located immediately north and east of its flagship high-grade Corner Bay copper project in the Chibougamau mining camp, approximately 55 kilometers by road from Chibougamau, Québec.
The Claim Group totals 17 claims covering an area of 446 ha within Dore Copper’s 100% owned Corner Bay-Devlin Property (5,446 ha) (Figure 1). The Claim Group has seen historical exploration during the 1970’s with 36 diamond drill holes totaling approximately 7,610 meters. Further exploration activities was carried out by SOQUEM between 1992 and 1998 with 28 diamond drill holes totaling 5,327 meters.
Several parallel shear zones trending northwest-southeast were identified over a strike length of 1.4 kilometers (A, B, C, and D in Figure 1). The mineralization is characterized by narrow quartz+calcite veins (generally <1 metre) which generally contain between 10% and 40% chalcopyrite and pyrite. The mineralized zones have been tested to a vertical depth of 400 meters.
Significant historical drill intercepts on the Claim Group include1:
13.15% Cu over 0.61 meters (R1-12)
5.45% Cu over 2.40 meters, including 13.9% Cu over 0.80 meters (4018-95-12)
8.92% Cu over 0.91 meters (R1-31)
12.45% Cu over 0.43 meters (R1-11)
15.26% Cu over 0.76 meter (R1-33A)
9.8% Cu over 1.25 meters (4018-95-21)
12.37% Cu over 0.91 meters (R1-10)
More importantly, the potential northern strike extension of the Corner Bay deposit has never been tested on the Claim Group. The current northern limit of the Corner Bay mineral resource is approximately 430 meters south of the property boundary. Access to the Claim Group would provide an additional 800 metres along strike to test the possibility of a northern extension. In addition, a target of interest is the area of intersection between the north-south Corner Bay shear zone and the northwest-southeast shear zones of the Claim Group. Further compilation of historical geophysical surveys will assist in refining these targets.
Ernest Mast, President and CEO of Doré Copper, commented, “The acquisition of SOQUEM’s Claim Group further consolidates the land position around our flagship Corner Bay copper deposit. High-grade copper shear zones, with similar mineralization to the Corner Bay deposit, have already been identified on the Claim Group. There are also indications that the Corner Bay deposit could extend northwards into the newly acquired claims. We plan to review and incorporate all the available data into our geological model to better define the areas which have not been adequately followed for future exploration plans.”
Terms of Agreement
Upon execution of the Agreement, SOQUEM is to receive (i) a cash payment of $20,000 and (ii) equivalent of $125,000 in common shares of the Company as consideration for the purchase of a 56.41% interest in the Claim Group. In addition, in the event that the Company completes a mineral resource estimate in accordance with NI 43-101 on the Claim Group, the Company will pay SOQUEM the sum of $100,000. On commencement of commercial production (defined as greater than 200 tonnes per day for a consecutive period of seven days), the Company will pay SOQUEM the sum of $250,000 and a 1% Net Smelter Return royalty (the “NSR”) on the production of copper and gold. The Company will have the right, at any time prior to the commencement of commercial production, to purchase 50% of the NSR for $500,000 and the other 50% for $1,000,000. The closing of the Agreement is subject to the approval of the Company’s filings with the TSX Venture Exchange.
Disclosure
Youssouf Ahmadou, M.Sc., P.Geo., Senior Exploration Geologist of the Company and a QP within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
The Qualified Person (“QP”) for the Company has not verified the historical sample analytical data disclosed within this release. While the Company has obtained all historic records including analytical data from the previous owners of the Property and from various government databases, the Company has not independently verified the results of the historic sampling.
Figure 1. Corner Bay-Devlin Property showing the Claim Group acquired by Dore Copper
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually by implementing a hub-and-spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill.2 The Company has delivered its PEA in May 2022 and is proceeding with a feasibility study.
The Company has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold.3 The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Company’s Copper Rand Mill.
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
GM 56435 : Rapport annuel d’exploration 1998, propriete corner bay (4018 ).
Technical report titled “Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada” dated June 15, 2022, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc.
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, including, without limitation, statements with respect to the timing and ability of the Company to receive necessary regulatory approvals, the Company’s ability to meet its production target, the commencement, timing and completion of a feasibility study, and the plans, operations and prospects of the Company and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements 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 statements. The Company 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 required by law.
Neither 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 news release.
Toronto, Ontario – June 20, 2024 – Doré Copper Mining Corp. (the “Company” or “Doré Copper“) (TSXV: DCMC; OTCQB: DRCMF; FRA: DCM) reports that all matters submitted to the shareholders for approval as set out in the Corporation’s Notice of Meeting and Information Circular, which were mailed to shareholders in connection with the meeting, were approved at the Corporation’s Annual and Special Meeting held in Thunder Bay, Ontario, on June 20, 2024.
The shareholders elected Mario Stifano (Chair), Ernest Mast (President and CEO), Frank Balint, Joseph de la Plante, Sara Heston, Martha Manuel, and Brent Omland as directors of the Corporation for the forthcoming year.
Shareholders approved the Corporation’s omnibus share incentive plan and the reappointment of Ernst & Young LLP, Chartered Professional Accountants, as the auditor of the Corporation for the ensuing year.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually by implementing a hub-and-spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill.1 The Company has delivered its PEA in May 2022 and is proceeding with a feasibility study.
The Company has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold.2 The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Company’s Copper Rand Mill.
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
Technical report titled “Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada” dated June 15, 2022, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc.
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, including, without limitation, statements with respect to the timing and ability of the Company to receive necessary regulatory approvals, the Company’s ability to meet its production target, the commencement, timing and completion of a feasibility study, and the plans, operations and prospects of the Company and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements 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 statements. The Company 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 required by law.
Neither 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 news release.
Toronto, Ontario – April 19, 2024 – Doré Copper Mining Corp. (the “Corporation” or “Doré Copper“) (TSXV: DCMC; OTCQX: DRCMF; FRA: DCM) has granted 4,215,000 stock options to management, consultants and advisors. The stock options have an exercise price of $0.10 per share and a term of five years. The Company has also granted an aggregate total of 400,000 deferred share units (“DSU’s”) to the independent directors of the Company. The DSUs are payable in common shares of the Company upon the holder ceasing to be a director of the Company. Both issuances were granted in accordance with the Company’s omnibus share incentive plan.
About Doré Copper Mining Corp.
Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 Mlbs of copper equivalent annually by implementing a hub-and-spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill.1 The Company has delivered its PEA in May 2022 and is proceeding with a feasibility study.
The Company has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold.2 The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Company’s Copper Rand Mill.
For further information, please contact:
Ernest Mast President and Chief Executive Officer Phone: (416) 792-2229 Email:
Technical report titled “Preliminary Economic Assessment for the Chibougamau Hub-and-Spoke Complex, Québec, Canada” dated June 15, 2022, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc.
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp) and NI 43-101 Technical Report on the Joe Mann Property dated January 11, 2016 by Geologica Groupe-Conseil Inc. for Jessie Ressources Inc. (Joe Mann mine).
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, including, without limitation, statements with respect to the timing and ability of the Company to receive necessary regulatory approvals, the Company’s ability to meet its production target, the commencement, timing and completion of a feasibility study, and the plans, operations and prospects of the Company and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements 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 statements. The Company 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 required by law.
Neither 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 news release.
