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Carube Copper Strengthens Board and Positions for Growth

Company Reports Results from AGM

Toronto, Ontario–(Newsfile Corp. – May 25, 2018) – Carube Copper Corp. (TSXV: CUC) is pleased to report the appointment of three new directors at its Annual General and Special Meeting (“AGM”) held in Toronto, Ontario, on May 24, 2018.

Tony Manini, Chairman of the Board of Carube Copper stated, “I am very pleased to welcome our three new directors to Carube Copper. They will significantly add to the depth of our board with their rich experience in the exploration and mining industry. Carube Copper looks forward to leveraging the combined success and experience of its new board and management to deliver on its vision of building a successful mid tier copper-gold company.”

T. Sean Harvey has over 25 years experience in the mining sector, including 10 years working in senior investment banking roles with Nesbitt Burns (BMO) and Deutsche Bank. In addition to co-founding two TSX Venture Exchange-listed companies, he was president and chief executive officer of TVX Gold at the time of its sale to Kinross Gold in 2003. Subsequently, he was president and CEO of Atlantico Gold Corp., a private company involved in the development of the Amapari project in Brazil that was sold to Wheaton River Minerals (acquired by Goldcorp). Mr. Harvey was also president and CEO of Orvana Minerals Corp. from 2005 to 2006. More recently he has held board positions with various mining companies, and is currently a director of Victoria Gold Corp., Perseus Mining Ltd., Serabi Gold PLC, Sarama Resources Inc. and Abacus Mining and Exploration. Mr. Harvey holds an honours BA degree in economics and geography from Carleton University, an MA in economics from Carleton University, an LLB from the University of Western Ontario and an MBA from the University of Toronto. He is also a member of the Law Society of Upper Canada.

Zimi Meka is one of the founding directors of Ausenco Limited and was appointed as Chief Executive Officer / Managing Director in 1999. Mr. Meka’s background includes senior roles in engineering and operations companies prior to the formation of Ausenco in 1991. He has over 25 years’ experience in the design, construction and operation of a wide range of processing plants and infrastructure in the minerals industry in Australia and internationally. He is the Queensland University of Technology’s 2008 Alumnus of the Year, was awarded the Australian Institute of Mining and Metallurgy’s 2009 Institute Medal and is one of Australia’s top 100 most influential engineers as awarded by Engineers Australia. He is a Fellow of Engineers Australia, a Fellow of the Australian Institute of Mining and Metallurgy and a Member of the Australian Institute of Company Directors.

Stephen Hughes is an economic geologist with over 20 years technical and management experience covering exploration, development and mine geology. Specializing in porphyry copper-gold, skarn and epithermal systems he has lead the discovery-delineation and development of more than 2 billion tonnes of copper-gold resources in the Asia-Pacific region since 1999. Steve’s experience includes 12 years with PT Freeport Indonesia at the giant Grasberg mine, both in the open pit and as manager of the underground mine geology and exploration groups and 14 years as Exploration Manager – Indonesia for Oxiana Limited and VP – Exploration for Tigers Realm/Asiamet Resources where his roles have focused on managing the acquisition, exploration and development of Company making Cu-Au opportunities. Recent successes include the acquisition and development of the Beutong porphyry Cu-Au deposit and discovery and development of the BKM copper and BKZ polymetallic deposits in Indonesia, all of which are currently being advanced through resource delineation and/or feasibility studies. Stephen holds an honours degree in geology from Saint Mary’s University in Nova Scotia.

Results of Voting

More than 26% of the record date outstanding shares of the Company were represented at the meeting by proxy or in person. All of the matters submitted to the shareholders for approval set forth in the Company’s Notice of Meeting and Information Circular dated April 24, 2018, were approved by more than 99% of votes cast; including the re-election of Alar Soever, Tony Manini and Yale Simpson as directors.

The appointment of PricewaterhouseCoopers LLP as auditors was confirmed unanimously.

The Stock Option Plan and the reservation for issuance of the maximum number of shares permitted under the plans were approved by 99% of the disinterested shareholders.

The officers of the company are:

Mr. Antony Manini, BSc (Hons), FAusIMM, FSEG, Chairman of the Board, Independent Director
Mr. Anthony Houston, BSc. (Geology), MAIG, Interim President and Chief Executive Officer
Mr. Jeffrey Ackert, B.Sc. (Geology) VP Business Development
Mr. John McNeice, C.A., CPA. Chief Financial Officer
Mr. Chris Irwin, B.A., LL.B. Corporate Secretary and Counsel

Corporate Presentation

Following the formal business meeting, Mr. Tony Houston, Interim CEO and President of Carube Copper presented a corporate update in which he outlined the near-term objectives for the Company as follows:

  • Complete Joint Ventures over certain Carube Jamaica assets in order to reduce the Company’s exposure to the higher risk exploration phase while still retaining a significant equity position and operatorship;

  • Continue to sole fund stand alone targets where Carube’s work is highly likely to produce positive results and substantially lift value prior to drilling. Carube can elect to sole fund or joint venture at drill stage;

  • Lower priority projects are to be divested, farmed out or retained where costs are minimal; and

  • Actively pursue advanced medium to large scale projects that have compelling drill targets and near-term resource potential.

The corporate presentation can be viewed on the Company’s website here.

Additional Corporate Information

In other corporate news, on May 24, 2018, the Company’s Board of Directors approved the award of 153,333 Restricted Share Units valued at $0.09 per unit to an officer of the Company and 1,676,404 Deferred Share Units valued at $0.09 per unit to certain directors of the Company.

About Carube Copper

Carube is focused on the exploration and development of copper and gold projects in Jamaica and Canada. In Jamaica, Carube Copper holds a 100% interest in 11 licenses, totalling 535 square kilometres. In Canada, it holds a 100% interest in three porphyry copper-gold-molybdenum properties, totalling 492 square kilometres within the Tertiary-aged Cascade Magmatic Arc in southwestern British Columbia.

Tony Houston, Interim CEO and President +1 (416) 882-2541 • [email protected]
Jeff Ackert, Vice President, Business Development • +1 (647) 957-2249 • [email protected]
John McNeice. CFO • +1 (613) 692-7704 • [email protected]
www.carubecopper.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

DISCLAIMER & FORWARD-LOOKING STATEMENTS

This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Carube Copper Corp. provides no assurance that actual results will meet management’s expectations. Factors which cause results to differ materially are set out in the Company’s documents filed on SEDAR. Undue reliance should not be placed on “forward looking statements”.

IMPORTANT NOTICE: Carube Copper hereby incorporates the entire disclaimer set forth on its website at http://www.carubecopper.com/uploads/1/6/5/2/16521880/disclaimers-and-forward-statements.pdf

 

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