Copper Lake Resources Update and Resignations of a Director and CFO
Trading symbols: TSX-V: CPL Frankfurt: W0I News Release No: 16-01-02 Copper Lake Resources Update and Resignations of a Director and CFO Vancouver, British Columbia – February 15, 2016 - Copper Lake Resources Ltd. (“the Company”) reports that the Company has received a letter, dated January 11, 2016, from a group of Majority Shareholders. Mr. Ed Yurkowski, the Waterfront Group Dr. Elliott Strashin, and Dundee Securities Ltd. The Company is reviewing their letter which calls for the resignation of three members of the Board of Directors. The Company is currently in discussions with this group in order to address their concerns in a reasonable and sound manner.
The Company announces the resignations of Malcolm Bell as a Director and Kim Evans as CFO effective immediately. The Company wishes to thank them both for their contributions and support.
Marshall Lake Exploration Update:
The Board wishes to thank Caracle Creek International Consulting Inc. who, in collaboration with Geotech Ltd., global leaders in technological innovation for geophysical surveys, reviewed historical airborne geophysical data on the Marshall Lake property and provided a modern 3D interpretation which led to the delineation of several significant VTEM targets. These identified targets are coincidentally adjacent to known occurrences of copper, zinc, silver and gold mineralization.
In addition, the Company thanks Mr. Gordon Gibson P.Geo., Mr. Henry Ewanchuk P.Eng., and Mr. Tom Carpenter P.Geo. of Discovery Consultants, Vernon BC, Mr. Gary Clark P.Geo. of Clarke Exploration, Thunder Bay, ON, Mr. Jan Cempirek Ph.D. of the University of British Columbia, Vancouver, BC, Mr. James M. Franklin Ph.D., Orix Geoscience Inc., Toronto, ON and Mr. Ian Campbell P.Geo. (a previous operator at Marshall Lake) for their assistance in development of the Marshall Lake geological model. Their review, which included significant field work, led to the development of a new 1:25,000 scale geological map for the Marshall Lake property, and provided a framework for interpreting the recent geophysical 3D modeling.
On behalf of Copper Lake Resources Ltd.
Ronald Coombes President and CEO
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release. This news release includes certain statements that may be deemed "forward-looking statements". All statements, other than statements of historical facts, that address such matters as future exploration, drilling, exploration activities, potential mineralization and resources and events or developments that the Company expects, are forward looking statements and, as such, are subject to risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.