VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 3, 2008) - Global Copper Corp. ("Global") (TSX:GLQ) is pleased to announce that it has agreed to grant an option over a 75 percent interest in its 100 percent owned Taca Taca property located in Salta province, Argentina to a wholly-owned subsidiary of Rio Tinto, one of the largest diversified mining groups in the world.
The Taca Taca property hosts a significant porphyry copper/gold deposit. Details of the existing resource and other Taca Taca project information can be found at Global's website (www.globalcoppercorp.com) and in a News Release dated June 23, 2003 (www.globalcoppercorp.com/s/NewsReleases.asp?ReportID=113742&_Type=News- Releases&_Title=TACA-TACA-Lumina-Acquires-Taca-Taca-Porphyry-Copper-Deposit-In-Argentina) (due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field).
To exercise the option, Rio Tinto will pay Global US$80 million within three years. In order to maintain the option during that period, Rio Tinto must pay Global US$3 million in staged payments, complete 25,000 meters of drilling and cover all Global's Taca Taca property maintenance expenses. Upon exercising the option, Rio Tinto will be responsible for the first US$120 million in expenditures on the project before Global will be required to fund its proportional share. In addition, Global can elect to have Rio Tinto contribute its share of exploration, development and mine construction expenditures on a deferred carried basis. Further, Global will maintain the right to independently market and sell its share of product produced by any future mining operation.
David Strang, President & CEO, said, "I am very pleased to have Rio Tinto as a partner to help develop Taca Taca, which is a large porphyry copper system that requires extensive exploration, development and financial commitment. With our focus on the aggressive development of our core asset, Relincho, I believe that partnering with Rio Tinto brings the necessary technical expertise and financial commitment to advance Taca Taca towards mine development."
Additional information on the Taca Taca property and the AMEC 43-101 Technical Report dated May 15, 2003 can be found at www.globalcoppercorp.com.
GLOBAL COPPER CORP.
David Strang, President & CEO
CAUTION REGARDING FORWARD LOOKING STATEMENTS: Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Act of 1995. Such forward-looking statements, including but not limited to those with respect to the price of copper, gold and molybdenum, the timing and amount of future production, metallurgical recoveries, costs of production, reserve and resource determination and reserve conversion rates, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks relating to the integration of acquisitions, risks relating to international operations, risks relating to joint-venture operations, the actual results of current exploration activities, conclusions of economic evaluations, changes in project and exploration parameters as plans continue to be refined, future prices of copper, gold and molybdenum. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Global Copper Corp.
President & CEO
(604) 687-7041 (FAX)