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Carube Copper sells six Jamaican exploration licences in cash and royalty deal

The Toronto-based company sold the licences to private Jamaican mineral exploration company Geophysx

jamaica exploration
Carube's assets include 11 properties in Jamaica

Carube Copper Corp (CVE:CUC) announced Wednesday that it had agreed to sell six new prospecting licences containing early-stage copper and gold projects in Jamaica.

The Toronto-based company sold the licences to private Jamaican mineral exploration company Geophysx.

The Special Exclusive Prospecting Licences (SEPLs) include the Belvedere, Mount Royal, Mount Ogle, Berkshire Hall, Windsor Castle and Shirley Castle licences, which are highly prospective for copper and gold.

READ: Carube Copper amends royalty agreement on Jamaican properties

Under the transaction terms, Geophysx will acquire a 100% interest in the projects following cash payments totaling US$210,000, with an upfront payment of US$5,000 and the rest coming after successful transfer of the title.

Carube will retain a net smelter return royalty on four of the SEPLs. Geophysx has the right to acquire a portion of the NSRs in return for a cash consideration. The Jamaican company will also pay Carube cash payments on production milestones that could total US$240,000.

"The signing of this agreement is just another step to position Carube for near term growth and creating long-term value for all stakeholders,” said Stephen Hughes, Carube’s CEO.

“Completing the transaction will provide the company with additional cash to continue the exploration development of the company's highly prospective Main Ridge and Bellas Gate exploration projects and aid in the global search for advanced stage copper - gold assets.”

Hughes said the sale of the SEPLs is consistent with the company's strategy of monetizing value from within its non-core assets as it builds a successful mid-tier copper-gold company.

Carube currently holds a 100% interest in 11 licenses covering 535 sq km of highly prospective copper-gold terrain in Jamaica and a 100% interest in three porphyry copper-gold properties covering 492 sq km within the Cascade Magmatic Arc in southwestern British Columbia.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Carube Copper

Price: 0.045 CAD

TSX-V:CUC
Market: TSX-V
Market Cap: $7.92 m
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