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NEWS
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INDUSTRY NEWS
February 10, 2006
Cooper Minerals agreement for Contact Lake
The TSX Venture Exchange has accepted for filing an agreement dated Oct. 4,
2005, between Cooper Minerals Inc. and the following vendors: Kalac Holdings
Ltd. (the principal of which is Mackenzie Jaims), Mountain Island Exploration
Ltd. (the principals of which are Trevor Teed and Joanne Teed), Elite Vantage
Development Ltd. (the principal of which is Simon Tam), and Lane Dewar. Pursuant
to the agreement, the company has acquired a 100-per-cent interest in the
Contact Lake property. The agreement involves a straight acquisition of the
property and not an option to acquire the property.
The property consists of three separate blocks of a total of 50 mineral claims
covering an area of 30,152.10 hectares located north of Yellowknife, NWT. The
property is an exploration stage mineral resource property.
The consideration payable by the company consists of: (i) a cash payment of
$150,000 to the vendors ($45,000 as to Kalac, $45,000 as to Mountain Island,
$50,000 as to Elite and $10,000 as to Dewar); and (ii) the issuance of two
million shares to the vendors (650,000 shares as to Kalac, 650,000 shares as to
Mountain Island, 500,000 shares as to Elite and 200,000 shares as to Dewar). In
addition, the vendors will retain a 2-per-cent net smelter return royalty, of
which half can be purchased by the company for $2-million.
A finder's fee of 208,594 common shares is payable to Dallas Burns of Vancouver,
B.C.
Insider participation: None -- the company is at arm's length to the vendors.
The TSX Venture Exchange has in no way passed upon the merits of the proposed
transaction and has neither approved nor disapproved the contents of this press
release.
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