universal copper will not proceed with gachala acquisition
Vancouver, British Columbia, September 24, 2019 – Universal Copper Ltd. ("Universal Copper" or the "Company") (TSX Venture: UNV) (Frankfurt: 3TA1), announces that it will not be proceeding with the previously announced acquisition of the Gachala copper project in Colombia (see news release dated February 20, 2019).
Mr. Clive Massey, Chief Executive Officer of Universal Copper, states: "Management has determined it is in the best interests of the Company and its shareholders not to continue with the acquisition at this time. We will focus on building our property portfolio and advancing our Poplar Copper project in northwestern British Columbia."
The Company will continue its planned exploration at the Poplar, which is open at surface and to depth and is located in an area of British Columbia the Company believes to be ideal for possible mine development with excellent mining related infrastructure throughout the area, Rail head, power and a deep-water port are nearby. Management continues to review and investigate new exploration and or development opportunities on an ongoing basis.
About the Company
Universal Copper Ltd. is a Canadian-based exploration company focused on the acquisition and exploration of copper properties. The Company’s objective is to build shareholder value through the acquisition of projects with significant technical merit. The Company’s current projects include the Poplar Copper project in B.C., the Princeton/Copper Mountain project in B.C. (currently optioned to Canarc Resource Corp.), and the Selish Mountain property in B.C.
For additional information, please visit the Company's website at: www.universalcopper.com
ON BEHALF OF THE BOARD OF DIRECTORS
Clive H. Massey
President & CEO
For further information, please contact investor relations: (604) 341-6870
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.
This news release contains “forward-looking statements”. Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as “estimate,” “anticipate,” “believe,” “plan” or “expect” or similar statements are forward-looking statements. This forward-looking information includes, or may be based upon estimates, forecasts and statements of management’s expectations with respect to, among other things, the issuance of permits, the size and quality of mineral resources, future trends for the Company, progress in development of mineral properties, future production and sales volumes, capital costs, mine production costs, demand and market outlook for metals, future metal prices and treatment and refining or milling charges, the outcome of legal proceedings, the timing of exploration, development and mining activities, acquisition of shares in other companies and the financial results of the Company. Other risks include risks associated with seeking the capital necessary to continue exploration, the regulatory approval process, competitive companies, future capital requirements and the Company’s ability and level of support for its exploration and development activities. There can be no assurance that the Company’s exploration efforts will succeed or the Company will ultimately achieve commercial success. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company’s periodic reports filed from time-to-time.