TORONTO, ONTARIO -- (Marketwired) -- 04/08/13 -- Mag Copper Limited ("Mag Copper" or the "Company") (CNSX: QUE) announces that it has amended the terms of its option agreement with Globex Mining Enterprises Inc. ("Globex") with respect to the Magusi and Fabie Bay properties located near Rouyn-Noranda, Quebec. Under the terms of the amending agreement the due date for a $300,000 payment which were due to Globex on April 28, 2012, has been extended to three $100,000 payments due on April 28, 2013, August 28, 2013 and December 28, 2013, respectively. In addition, expenditure commitments of $8,000,000 ($3,000,000 to be incurred on or before April 28, 2013 and $5,000,000 to be incurred on or before April 28, 2014) have each been extended for a 12 month period to April 28, 2014 and 2015, respectively.
In addition, Mag Copper announces that it has terminated the mining claim acquisition agreement dated January 13, 2013 between the Company and Northern Sky Resources Ltd., as more particularly described in the Company's press release dated January 31, 2013.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The Canadian National Stock Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
Mag Copper Limited
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