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| July 09, 2009 Copper Ridge Options Scheelite Dome Property to Golden Predator | ||||
| NR No. 06/2009 Vancouver, BC, July 9, 2009 -- Copper Ridge Explorations Inc. ("Copper Ridge" or the "Company") announces that, further to its news release of June 5, 2009, it has signed a Property Option Agreement with Golden Predator Royalty & Development Corp. (TSX.V: GPD -- "Golden Predator") and True North Mining Corp., a wholly-owned subsidiary of Golden Predator, whereby True North will have an option to acquire a 100% interest in Copper Ridge's Scheelite Dome property located in the Mayo Mining District in the Yukon Territory. According to the terms of the agreement, Golden Predator can earn a 100% interest in the Property by making a payment of $20,000, incurring $200,000 in exploration expenditures by November 30, 2009, providing a credit facility of up to $300,000 via a convertible promissory note (the "Note") and issuing 675,000 units (the "Units") to Copper Ridge at a deemed price of $0.50 per Unit. Each Unit will consist of one share of Golden Predator and one non-transferable warrant. Each warrant will be exercisable for one share of Golden Predator for a period of two years at a price of $0.75 for the first six months and $0.90 for the remaining 18 months. The number of units is adjustable under certain circumstances. In addition, should the Scheelite Dome property become the subject of a positive bankable feasibility study ("BFS") prior to December 31, 2011, then up to 500,000 shares of Golden Predator will be payable to Copper Ridge capped at $1,000,000 in value, if a BFS is delivered from January 1, 2012 through December 31, 2013 this cap will be raised to $1,500,000, if a BFS is delivered from January 1, 2014 through December 31, 2015 it will be raised to $2,000,000, and it will be raised to $2,500,000 thereafter. The principal amount of the Note is without interest if repaid in full on or before November 30, 2009. If the principal amount of the Note is not repaid on or before November 30, 2009, the principal amount of the Note plus interest equal to the Royal Bank of Canada prime rate plus two percent (2%), calculated semi-annually will be due and payable or, subject to the acceptance of the TSX Venture Exchange, the principal amount of the Note plus interest is convertible at a price of $0.03 per share, at the election of Copper Ridge, into up to 10,00,000 common shares (plus additional shares representing interest) in the capital stock of Copper Ridge as presently constituted. The Scheelite Dome property is subject to a 2% NSR payable to International Royalty Corporation plus an additional 2% NSR on certain of the mineral claims. The agreement is subject to a number of conditions precedent, including regulatory approval. Joss'alun Copper Property Lomiko Metals Inc. has notified the Company that it has terminated its option to acquire an interest in the Company's Joss'alun property, located southeast of Atlin, BC, effective immediately. The Company will evaluate the results of recent exploration before deciding on a future course of action on the Joss'alun property. Copper Ridge's exploration philosophy focuses on maximizing the potential for success in a high-risk business. With grass roots mineral exploration, where the entry cost is low but the potential reward can be very high, success will be contingent on exploration skill and on carefully managed risk. Our management team brings tenacity, technical skill and experience, all crucial ingredients for discovery. By exploring a broad array of projects, focusing on the right commodities, in areas of high mineral potential and in mining-friendly jurisdictions and by sharing the risks on some projects with joint venture partners, the Company is exposing its shareholders to a greater chance for discovery. Contact: Gerald G. Carlson, President & CEO Copper Ridge Explorations Inc. Suite 500 - 625 Howe Street Vancouver, B.C. V6C 2T6 Phone: 604-688-0833; 1-888-278-2288 info@copper-ridge.com
This release was prepared by management of the Company who takes full responsibility for its contents. 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. | ||||
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