Dec 23 2013
Superior Copper Corp. ("Superior Copper" or the "Company") is pleased to announce that it has bought back a 1.5% net smelter royalty (the "NSR") that was previously applicable to certain mineral claims on its flagship Coppercorp Project, located within the Batchawana Copper Project. Superior Copper paid $36,000 in cash and issued 450,000 shares in return for the repurchase and extinguishment of the Company's obligations under the NSR.
As a result of this transaction, all claims within the 120 square kilometre Coppercorp Project that the Company believes may be most significant for exploration are now free of royalties. The only remaining royalty in the area is a 1.25% net smelter royalty on four claims acquired by the Company in 2012.
The NSR was held by a group of prospectors who staked the claims in 2002 after a 30 year moratorium on staking in the area expired. The moratorium was a result of improper closure of the Coppercorp Mine and the nearby Tribag Mine in 1972-1973. The Coppercorp Mine was rehabilitated by the Ontario Government and no environmental or safety liabilities remain at the mine site.
The Company also announces that further to its news release of December 17, 2013, it has completed the acquisition of First Minerals Exploration Limited's 50% interest in certain claims at the Coppercorp Property. As a result, Superior Copper now retains a 100% interest in the 101 unpatented mining claims constituting the Coppercorp Property.
Superior Copper Corporation
Superior Copper Corporation is a Canadian-based exploration company focused on base and precious metal exploration. The Company's primary objective is to target highly prospective and underexplored mineral properties, particularly copper, in order to meet the increasing global demand. The Company has two key exploration projects: the Batchawana Copper Project near Sault Ste. Marie, Ontario, and the Rivière Doré Project in Quebec.
Shares Outstanding: 80,406,284