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Copper Intelligence Inc. (OTC: AFDG ), formerly African Discovery Group, is pleased to announce that it has signed a term sheet with CoTec Holdings Corp. (TSXV: CTH; OTCQB: CTHCF) ("CoTec" or the "Company") and a third-party investment vehicle associated with the Company's CEO, Julian Treger, and Chairman, Lucio Genovese, to form an early stage exploration joint venture ("Joint Venture") that will be focused on processing historical copper tailings in the Democratic Republic of Congo (the "DRC").
Andrew Groves, Chairman of Copper Intelligence, stated, "We are excited to pursue a strategic partnership with the CoTec team that will add capital in a non- dilutive fashion to our shareholders. We look forward to a strong and profitable relationship with a team that has a track record of success in Africa for many decades."
Copper tailings in the DRC are a defining feature of the DRC's long mining history, particularly in the Central African Copperbelt, one of the world's richest copper and cobalt provinces. Large volumes of tailings have been generated by the state-owned company Gécamines during industrial mining since the 1950s.
Once formed, the Joint Venture will establish a framework for pursuing copper-tailings opportunities in the DRC's historical copper districts. Opportunities identified will be subject to detailed legal and technical due diligence and binding agreements on an asset-by-asset basis with approval by the independent members of the CoTec Board of Directors in this matter, prior to resources being committed to development.
CoTec technologies will be used to further enhance the economic potential of these historical tailings sites and redundant copper deposits. The Joint Venture will target funding from the U.S. International Development Finance Corporation once sufficient scale is achieved. Copper Intelligence is the first stand-alone DRC company to be publicly traded in the United States.
The term sheet is non-binding and the specific structure, terms and conditions of the Joint Venture will be reflected in mutually acceptable definitive agreements.
About Copper Intelligence
Copper Intelligence is a resource development company focused on copper exploration and project advancement in the Democratic Republic of Congo, including the Butembo copper project. The company maintains a focus on responsible development and community engagement in the regions where it operates. Copper Intelligence is proud to be the first stand-alone DRC company to be publicly traded in the United States.
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For further information, please contact:
Rubenstein Public Relations - rrubenstein@rubensteinpr.com
SOURCE Copper Intelligence Inc.
