Carube Announces Private Placement

FOR IMMEDIATE RELEASE

OTTAWA, ONTARIO

May 4, 2017

Carube Announces Private Placement

Carube Copper Corp. (CUC:TSXV) (the “Company”) announces today that, subject to TSX Venture Exchange

(“TSXV”) approval, it intends to raise an aggregate of $1,365,000 by way of a non-brokered private placement of

up to 13,000,000 Units of the Company (“Units”) at a price of $0.105 per Unit (the “Offering”).

Each Unit will be comprised of one common share in the capital of the Company (a “ Common Share”) and one

half of one Common Share purchase warrant (each whole such warrant, a “ Warrant”). Each Warrant shall be

exercisable into one Common Share at a price of $0.1 5 per Common Share for a period of two years from the

closing date of the Offering.

The proceeds of the Offering will be used for copper and gold exploration and for general working capital

purposes. The actual allocation of net proceeds may vary depending on future operations or unforeseen events or

opportunities. The closing of the Offering is expected to o ccur on or before May 16, 2017, or such other date as

the Company may determine (the “Closing Date”).

Finders who source funds may earn a cash commission of up to 6% of the gross proceeds raised by such finder

and may receive warrants (“ Finder Warrants”) entitling the finder to purchase th at number of Units @ $0.105

per Unit equal to 6% of the number of Units sold by such finder.

Existing Shareholder Exemption

Depending on demand and regulatory requirements, a portion of the Offering may be made in accordance with the

provisions of the existing shareholder exemption (the “ Existing Shareholder Exemption ") contained in

Multilateral CSA Notice 45-313 and the various correspondi ng blanket orders and rules of participating

jurisdictions, as well as the amendments to Rule 45-501 — Ontario Prospectus and Registration Exemptions in

Ontario. In addition to conducting the Offering pursuant to the Existing Shareholder Exemption, it will also be

conducted pursuant to the “Accredited Investor” and other available prospectus exemptions. The Company has set

May 1, 2017, as the record date (the “Record Date”) for the purpose of determining existing shareholders entitled

to purchase the Units pursuant to the Existing Shareholder Exemption.

In the event that subscriptions received for the Offeri ng based on available exemptions exceed the maximum Unit

Offering of $1,365,000, the Company may seek to increas e the size of the Offering and obtain Exchange approval

for such an increase.

Any existing shareholders of the Company in possession of Common Shares as of the record date who are

interested in participating in the Offering, should contact Darrell Munro by email at [email protected].

It is anticipated that officers, directors or other insiders of the Company may participate in the Offering.

—END PRESS RELEASE —

Contacts

Jeff Ackert, President and CEO • 1-613-839-3258 • [email protected]

Vern Rampton, Executive VP of Corporate Development • 1-613-839-3258 • [email protected]

Alar Soever, Chairman • 1-705-682-9297 • [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.

Carube Copper Corp. (CUC:TSXV) is a Canadian exploration compan y focused on the exploration and

development of copper and gold projects in Jamai ca and Canada. In Jamaica, Carube Copper holds a 100%

interest in 11 licenses, totalling over 535 square kilometres . In Canada, Carube Copper holds a 100% interest in

three porphyry copper-gold-molybdenum properties, totalli ng 593 square kilometres within the Tertiary-aged

Cascade Magmatic Arc in southwestern British Columbia. E xploration licences in Jamaica and exploration claims

in Canada are subject to various underlying royalties. Expl oration continues on these properties with the goal of

adding value in order to joint-venture to larger exploration and mining companies.

DISCLAIMER & FORWARD LOOKING STATEMENTS

This news release includes certain “f orward-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. Alt hough 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: By reference herewith, Carube Copper in corporates into this release the entire

disclaimer set forth on its website at http://www.carubecopper.com/uploads/1/6/5/2/16521880/disclaimers-and-

forward-statements.pdf