World Copper Announces Effective Date of Consolidation Provides Update on Escalones Drilling Program and Zonia Acquisition
#2710-200 Granville Street
Vancouver, BC, Canada, V6C 1S4
T: 604-638-3287 / F: 604-408-7499
www.worldcopperltd.com
NR-21-12 June 16, 2021
World Copper Announces Effective Date of Consolidation
Provides Update on Escalones Drilling Program and Zonia Acquisition
FOR IMMEDIATE RELEASE...Vancouver, Briti sh Columbia: World Copper Ltd. (" World
Copper" or the " Company"; TSXV: WCU) announces that, further to a news release dated
April 13, 2021 and subject to final accepta nce by the TSX Venture Exchange (the " TSXV"), its
board of directors has approve d the consolidation (the " Consolidation") of its issued and
outstanding common shares (the " Shares") on the basis of one (1) pos t-Consolidation Share for
every three (3) pre-Consolidation Shares. The Co mpany anticipates that the Shares will begin
trading on a post-Consolidation basis effective market open on June 18, 2021.
As of the date of this news release, the Company has 132,251,980 Shares issued and outstanding
and the Company expects that it will have approximately 44,083,994 Shares issued and
outstanding on a post-Consolidation basis. The Company's new CUSIP number and ISIN for the
Shares will be 981448202 and CA9814482027, respectively.
Registered shareholders will receive a letter of transmittal from Computershare Investor
Services Inc., the transfer agent for the Shares, describing the process by which shareholders may
obtain new certificates representing their post-Consolidation Shares. Shares held in uncertificated
form by non-registered shareholders through brokerage accounts will be converted through each
shareholder's brokerage accounts. Non-registered shareholders should consult their broker for
further information.
Escalones Drill Program
The Company has completed its pr eviously announced (see news release dated March 2, 2021)
geochemical soil sampling program of the cluster of three distal porphyry copper targets, located
8 to 10 kilometres to the north of the Escalones deposit within the 162 km2 Escalones project area
("Escalones" or the " Escalones Project "). The purpose of this exploration program was to
sample, map and conduct geophysics on the three anomalies in order to optimize drill targets. The
results from the program will be released as information becomes available.
The Company is continuing with the permitting process required for its planned up to 5,000 metre
drill program at Escalones and is currently working on completing an environmental permit
application (the "Escalones Environmental Application"), which will be necessary for the grant
of the drilling permit (the "Escalones Drill Permit"). The Company expects to file the Escalones
Environmental Application with the Chilean En vironmental Assessment Service in June, 2021.
Receipt of the drilling permit application will be a key component of the exploration program
planned for this year.
World Copper Ltd. - 2 - June 16, 2021
NR21-12 Continued
#2710-200 Granville Street
Vancouver, BC, Canada, V6C 1S4
T: 604-638-3287 / F: 604-408-7499
www.worldcopperltd.com
Nolan Peterson, World Copper's CEO commented, "We are committed to designing and permitting
a drilling campaign that will have a negligible, and temporary, environmental footprint, which
takes into careful consideration comments from our stakeholders. In parallel, we continue work
to develop the most sustainable and environmentally friendly opt ions for the project to move
forward with and to address other project rela ted risks. We look forward to commencing the
exploration program towards the end of 2021, subject to approval of necessary permits."
Zonia Project
The Company also announces that it has made a formal application to the TSXV for acceptance
for filing of the previously announced proposed acquisition of the Zonia copper oxide project
located in Arizona (" Zonia") pursuant to a letter agreem ent dated April 13, 2021 and an
amendment to the letter agreement dated June 4, 2021 with Cardero Resource Corp. ("Cardero";
TSXV: CDU) by way of a business combination with Cardero (the "Proposed Transaction") (see
news releases of the Company dated April 20, 2021 and June 9, 2021). At this time, the Company
is continuing with its legal, financial and environmental due diligence on Cardero and Zonia.
The parties are currently working on the negotiation and settlement of a definitive agreement that
will contain customary representations, warranties, covenants and closing conditions, including as
to: (i) the completion of satisfactory due diligence by the parties (ii) the receipt of all necessary
regulatory and court approvals, authorizations and consents, including acceptance for filing of the
Proposed Transaction by the TSXV; (iii) the rece ipt of all necessary corporate and shareholder
approvals by the parties; and (iv) there being no material adverse change in the business or
operations of any of the parties from the execution of the letter agreement by the parties until the
closing of the Proposed Transaction. There can be no assurance that the Proposed Transaction
will be completed as contemplated, or at all.
Nolan Peterson, World Copper's CEO commented, "We look forward to working with Cardero to
settle and enter into a definitive agreement in respect of the Zonia acquisition. Based on our initial
due diligence and evaluation of Cardero and Zonia, we believe that this transaction is beneficial to
the shareholders of both companies and enables Wo rld Copper to acquire an attractive late-stage
development project that gives World Copper a more defined path to production."
Additional Information
Additional information about the Company is av ailable under their re spective SEDAR profiles
available at www.sedar.com.
ABOUT WORLD COPPER LTD.
World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on
the exploration and development of its two primary copper porphyry pr ojects, Escalones and
Cristal, both located in Chile. World Copper is pursui ng five copper porphyry targets, one with
estimated mineral resources, sign ificant soluble copper mineralizat ion, and exciting potential to
expand the resource base.
World Copper Ltd. - 3 - June 16, 2021
NR21-12 Continued
#2710-200 Granville Street
Vancouver, BC, Canada, V6C 1S4
T: 604-638-3287 / F: 604-408-7499
www.worldcopperltd.com
Escalones has estimated mineral resources of 18 5 million tonnes of 0.33% copper (0.37% CuEq)
Indicated and 254 million tonnes of 0.39% copper (0.43% CuEq) Inferred, based on nearly
25,000m of drill core from 53 holes. In addition, three significant hydrothermal alteration zones,
each measuring between 2,000m and 3,000m in diam eter, lie 8-10km to the north of the main
discovery.
Mineral resources are not mineral reserves and do not have demonstrated economic viability as
there is no certainty that all or any part of the resources will be c onverted into reserves. Inferred
Mineral Resources are that part of a mineral res ource for which quantity and grade or quality are
estimated on the basis of limited geological evidence and sampling. It is reasonably expected that
the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued
exploration.
The World Copper team has a unique skill in navigating the mining sector within Chile, with some
members having worked in the country for more than 40 years and with discovery success.
On Behalf of the Board of Directors of
WORLD COPPER LTD.
"Nolan Peterson"
Nolan Peterson
Chief Executive Officer
For further information, please contact:
Nolan Peterson or Michael Pound
Phone: 604-638-3665
E-mail: [email protected]
Follow us:
Twitter: https://twitter.com/WorldCopperLtd
Facebook: https://www.facebook.com/WorldCopperLtd
LinkedIn: https://www.linkedin.com/company/worldcopperltd
Neither 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 news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-
looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United
States Private Securities Litigation Reform Act of 1995. A ll statements, other than statements of historical fact,
included herein including, without limitation, the anticipated filing date of the Escalones Environmental Application,
the anticipated receipt date of the Es calones Drill Permit, the an ticipated effective date fo r the Consolidation, the
Company's expectation that the Escalones Environmental Application will be acceptable to the Chilean environmental
World Copper Ltd. - 4 - June 16, 2021
NR21-12 Continued
#2710-200 Granville Street
Vancouver, BC, Canada, V6C 1S4
T: 604-638-3287 / F: 604-408-7499
www.worldcopperltd.com
and mining authorities and that the Escalones Drill Permit will be granted to the Company, that it and Cardero will
be able to complete the Proposed Transaction, the anticipated exploration program results from exploration activities,
and the anticipated business plans and timing of future activities of the Company, including the timing for the closing
of the Proposed Transaction, the filing of the Escalones Environmental Application and the results thereof, and the
receipt of the Escalones Drill Permit, are forward-lookin g statements. Although the Company believes that such
statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking
statements are typically identified by wo rds such as: "believes", " expects", "anticipates", "intends", "estimates",
"plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and
similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur
or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied
several material assumptions, including without limitation, that it will receive the Escalones Drill Permit, that it will
be able to negotiate and enter into a definitive agreement with respect to the Proposed Transaction, that it will obtain
TSXV acceptance and the required corporate approvals of the Proposed Transaction, market fundamentals will result
in sustained copper and precious metals demand and prices, that it will obtain any necessary permits, licenses and
regulatory approvals in connection with the future development of the Company's projects in a timely manner, the
availability of financing on suitable terms for the development, construction and continued operation of such projects
and the ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to differ materially from any future results, performance
or achievements expressed or implied by the forward-looking information. Such risks and other factors include,
among others, requirements for additional capital, actual results of exploration activities, the results of the Escalones
Environmental Application, the estimation or realization of mineral reserves and mineral resources, future prices of
copper, changes in general economic conditions, changes in the financial markets and in the demand and market
price for commodities, lack of investor interest in the private placement, accidents, labour disputes and other risks of
the mining industry, delays in obtaining governmental approvals (including final acceptance of the Consolidation by
the TSXV, acceptance of the Escalones Environmental Application and the Escalones Drill Permit application by the
Chilean environmental and mining authorities, and acceptance of the Proposed Transaction by the TSXV), permits or
financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such
as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of
operations, changes in laws, regulations and policies affecting mining operations, title disputes, the timing and
possible outcome of any pending litigation, environmental issues and liabilities, as well as the risk factors described
in the Company's annual and quarterly management's discussion and analysis and in other filings made by the
Company with Canadian securities regulatory authorities under the Company's profile at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no
obligation to update any of the forward-looking statements in this news release or incorporated by reference herein,
except as otherwise required by law.