Copper One Inc announced that it has signed a purchase agreement with Lounor Exploration Inc to acquire 100% of the Queylus copper gold property located near the town of Chibougamau, Quebec.

Under the terms of the Purchase Agreement, Copper One will acquire 100% of the Property by paying to Lounor USD 23,750 in cash issuing to Lounor 475,000 common shares of Copper One and granting to Lounor royalties ranging from 1% to 2% of the net smelter return in connection with ore extracted from certain claims comprising the Property.

In connection with the transactions contemplated under the Purchase Agreement, Copper One has entered into an agreement with SOQUEM Inc whereby SOQUEM has agreed to renounce its right of first refusal over certain claims comprising the Property in consideration for Copper One paying to SOQUEM USD 2,500 in cash and issuing to SOQUEM 50,000 shares of Copper One.

The Purchase Agreement and the agreement providing for the renunciation by SOQUEM of its right of first refusal are subject to approval of the TSX Venture Exchange.

Mr Benoit Moreau president and CEO of Copper One said that "The acquisition of the Queylus Property will allow the Company to get its first exposure to the Plan Nord, which was recently announced by the Quebec government and is expected to lead to over USD 80 billion in investments in Northern Quebec over the next 25 years. It represents another opportunity to invest in a stable and mining friendly jurisdiction."