Catalyst Copper is a copper and base metal developer with a focus on copper mining projects in Mexico. Our current focus is the La Verde copper property, which is situated in the Sierra Madre del Sur approximately 320 kilometers west of Mexico City in Michoacán State. The la Verde copper project contains Measured and Indicated Resources of 2.1 billion pounds of copper and Inferred Resources of 1.3 billion pounds of copper. The deposit is open in all directions.

La Verde property is subject to an option agreement with a Mexican subsidiary of Teck Resources Limited (Teck) whereby Catalyst’s 100% Mexican subsidiary, Minera Hill 29, may earn a 60% interest in La Verde.


 

 

Latest News Release

Catalyst Copper Corp. Closes Private Placement

Vancouver, B.C. Catalyst Copper Corp. (TSXV: CCY) (the "Company" or "Catalyst") is pleased to announce today that it has closed its previously announced non-brokered private placement (the "Offering") of 33,500,000 units of the Company at a price of $0.105 per unit for gross proceeds of $3,517,500.  The Company paid $106,785 as finder's fees in conjunction with the Offering.

 

Each unit consists of one common share and one half of a common share purchase warrant. Each whole warrant will entitle its holder to purchase one additional common share of the Company until February 3, 2017 from the date of this release, at a price of $0.25 per common share. The securities issued under the private placements will be subject to a four-month hold period ending June 4, 2012.

 

The Company intends to use the net proceeds of the Offering to complete the remainder of its financial commitments to acquire an interest in the La Verde copper project and for general working capital. 

 

Pursuant to the private placement, Radcliffe Foundation, a charitable organization controlled by Frank Giustra, acquired 13,656,000 Units at $0.105 per Unit which consists of 13,656,000 common shares which represent 4.98% of the issued and outstanding common shares of the Company and 6,828,000 warrants of the Company which represent 25.52% of the outstanding warrants of the Company.

 

As a result of the acquisition of securities described above, Radcliffe Foundation together with Radcliffe Corporation, a company beneficially owned and controlled by Frank Giustra, hold in aggregate 47,876,619 common shares representing 17.44% of the current issued and outstanding common shares of the Issuer, and would own 58,049,619 common shares, representing 20.39% on a partially diluted basis assuming exercise of the 1,845,000 options and 8,328,000 warrants held by Radcliffe Foundation.

 

The Company is advised that Radcliffe Foundation acquired these securities for investment purposes and has no present intention to acquire further securities of the Company, although it may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.

 

About La Verde

 

La Verde is located in an area with excellent infrastructure.  Power, rail and water all cross the property.  Lazaro Cardenas, Mexico’s third largest port on the Pacific Ocean coast is 180 km from the site.  Significant upside potential remains for the two known zones of porphyry style copper, gold and molybdenum mineralization as the 2010 drill program has shown both deposits remain open to depth and along strike.

 

La Verde property is subject to an option agreement with a Mexican subsidiary of Teck Resources Limited (Teck) whereby Catalyst's 100% Mexican subsidiary, Minera Hill 29, may earn a 60% interest in La Verde by making US$10,000,000 in exploration expenditures (including 30,000 meters of drilling and 200 kilometers of IP) by December 31, 2012.  Upon Catalyst earning a 60% interest, Teck has the option to increase its interest to 60% by incurring aggregate expenditures equal to two times the amount spent by Catalyst.  Should Teck fail to exercise its option to earn a 60% interest, Catalyst can acquire a 100% interest in La Verde by paying to Teck US$20 million.  The property is subject to an underlying 0.5% NSR.

 

ON BEHALF OF THE BOARD OF DIRECTORS OF
CATALYST COPPER CORP.

"John W. Greenslade"

 

 

 

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