Trilliant Exploration Signs Definitive Agreement With Copper Island Project
Trilliant Exploration Corporation (OTCQB: TTXP) ("Company") reports that the company and Copper Island Mines Ltd. ("Copper") have signed a definitive agreement for Trilliant to complete the acquisition of a 20% interest in Copper Island's Quadra Island Project ("Project") for Thirty Million shares of Trilliant's common stock.
Mr. Jared Lazerson, Chief Executive Officer of Copper Island Mines, stated, "The historic resource estimate (non-NI 43-101 compliant) for the Copper Island Property is 3.5 million metric tons grading 2% copper. With today's prices in place, the potential in situ resource is just over 500 million dollars. In October of 2011, Copper Island's board authorized management to proceed with the Copper Island Project and begin the acquisition process with TTXP. We intend to continue working closely with TTXP in bringing the historical resource into modern NI 43-101 compliance, and moving forward on confirmatory exploration with the goal, based on a sufficient resource, of commencing production by mid-2014 under the BC Small Mines Act."
The Project is located 15km NW of Campbell River, British Columbia. Copper Island Mines Ltd. is the operator of a 3000 hectare property which is known for high grade chalcocite mineralization. The area has been under regular development and small scale production since 1915. The area contains one of the highest densities of copper prospects in British Columbia and is rated high for mineralization by the BCGS (British Columbia Geological Service). Initial exploration on the Property was conducted by Dodge Copper in 1954 when 145 percussion holes were drilled outlining the Pomeroy areas. Exploration in the 1970s by Prince Stewart Mines and Quadra Mining resulted in a historic reserve estimate of 3.5 metric tons grading 2% copper. Exploration in the 1990s resulted in a historical resource estimate from all occurrences of 5.3Mt grading 1.98% copper. These estimates are used for historical reference purposes only and while produced by qualified engineers of their day are not compliant under NI 43-101. Copper Island Mines Ltd. is in the process of working with independent Qualified Persons, as defined by NI 43-101, to produce a NI 43-101 compliant resource estimate regarding the copper mineralization at Copper Island.
The company will file an 8k today outlining the transaction.
About Trilliant Exploration (OTCQB: TTXP) http://www.trilliant-exploration.com Trilliant Exploration is focused on a variety of strategic mineral acquisitions including Copper and well positioned to capture the next wave in mineral exploration, lithium and rare earth metals. Trilliant Exploration is a US based, high growth mining company focused on adding value through successful exploration, project development, efficient operations, and opportunistic acquisitions. Maintaining a low risk profile through project diversification, astute financial management and operating in secure jurisdictions are key priorities for Trilliant Exploration's Management team.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such Forward Looking Statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the company's business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.