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Deep-South Resources to acquire 80% of three copper exploration licences in Zambia

Deep-South Resources Inc. has announced the signature of a definitive earn-in agreement with Word Class Minerals Venture Ltd (“WCMV”) of Zambia to acquire up to 80% of three copper exploration licences in the center of the Zambian Copper belt, one of the most prolific copper belts in the world.

John Akwenye, Chairman of Deep-South revealed the report and said the firm holds the option to acquire up to 80% of the Large Scale Exploration Licences  LEL 23246, LEL 23247 and LEL 23248 held by WCMV in Zambia.

“While reinstating the licence over the Haib Copper project in Namibia remains our number one priority, we are very enthusiastic about the option to acquire these strategicaly well situated licences in the heart of one of the most prolific copper belts in the world,” said Mr.John.

Qualifying report

Upon approval of the transaction with WCMV by TSX-V, Deep-South will acquire all of the exploration data for the licences LEL 23246, LEL 23247 and LEL 23248 held by Mr. Nathan Sabao (“the geological consultant”). Upon approval of the TSX-V, Deep-South will issue 500,000 of its common shares to the geological consultant. Furthermore, on the first anniversary of the transaction, the geological consultant will transfer to Deep-South all of the exploration data for projects in the Luapula region in consideration for the issuance of a further 500,000 common shares of Deep-South.

The transaction is conditional to the approval of the TSX Venture Exchange. In terms of the Policy 5.3, the transaction is considered fundamental and the trading of the shares of Deep-South will remain on a halted until the TSX-V has reviewed the required documentation.

Luanshya West project (LEL 23247). The licence is situated in the center of the Zambian Copper belt which forms part of the Central African Copper belt, one of the most prolific copper belts in the world. The Large Exploration Licence covers 5,423.26 hectares (54.24 Sq. Km). A NI 43-101 technical qualifying report is currently under review by the TSX-V.

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