Agreement Completion Will Add Focus To Silver King Property


VANCOUVER - Allied Copper Corp. has entered into a definitive agreement with 1269280 B.C. Ltd. (BCCo), a corporation incorporated in the Province of British Columbia, and 1303288 B.C. Ltd., a wholly owned subsidiary of the Company (Subco) incorporated in the Province of British Columbia, whereby the Company will acquire all of the issued and outstanding shares of BCCo pursuant to a three-cornered amalgamation in accordance with Section 269 of the Business Corporations Act.

The Proposed Transaction is a Reverse Takeover (as that term is defined in the policies of the TSX Venture Exchange (the "TSXV"). The Proposed Transaction will not result in a change of business of the Company and following the completion of the Proposed Transaction the Company will be a junior mining issuer focused on the exploration and development of the Silver King Property.

The Silver King Property is a porphyry copper-gold exploration target in Lincoln county, Nevada. The Silver King Property, comprised of 316 BLM lode mining claims (2560Ha) sits on a highly prospective area, along a geologic trend which hosts multiple producing mines, with transportation and power infrastructure readily available.

The Silver King mine was discovered in the 1870's, with reported shipments of high-grade lead-zinc-silver ore to Salt Lake City. In 1919 construction of a 50 ton per day smelter was started on the property, but never completed, with additional, limited, production in 1939. There is no record of additional work until modern exploration work on the property was conducted by B&B Mining, commencing in the early 1960's. Subsequent exploration was conducted by Anaconda, Caldera Resources, Great Basin Exploration and Nevoro Nevada Inc. conducting the most recent work in 2007.

The work done to date includes an airborne magnetic survey, IP surveys and initial drilling. These work programs have identified multiple styles of mineralization, within an identified potential porphyry system. The culmination of this work has partially defined a Tertiary age (28 MA), multi-phased, intrusive complex which has generated widespread base and precious metal mineralization in the following environments: Structurally controlled jasperoids and carbonate replacement zones; Contact-related skarn zones; Intrusion-hosted, quartz-sulfide stockwork zones; and Zones of distal disseminated precious metal mineralization.

The Silver King Property is aligned with Allied Copper's focus and mandate to acquire, explore and develop potential long-life, scalable copper-gold assets in low-risk jurisdictions. Resource independence is, and has become a critical issue facing nations worldwide. Allied Copper will endeavor and strive to be a part of the solution.