Agreement To Aquire Verde Copper Project

Tuesday, 19 August 2008 00:00

Pro Minerals Inc. and its Board of Directors are pleased to announce that the Company has entered into an agreement to acquire a 100% interest in the Verde Copper Project. The Verde Project consists of 6 claims, totalling approximately 1124 acres located in the Similkameen Mining Division of British Columbia, Canada.

The property is situated approximately 15 kilometres south of the town of Princeton, British Columbia. Pursuant to the terms of the Agreement, Pro Minerals can acquire a 100-per-cent interest in the Verde Project by paying the vendor a total of $30,000 and a issuing a total of 100,000 common shares of the Company as follows:

• $15,000 execution of the Agreement;
• 50,000 common shares upon acceptance of the Agreement by the TSX Venture Exchange;
• $15,000 on the first anniversary of the date of the Agreement; and
• 50,000 common shares on the first anniversary of the date of the Agreement.

The Vendor will receive a 1.5% Net Smelter Return (“NSR”), of which the Company may purchase one-half of the Royalty being equal to 3/4% NSR for the sum of $500,000. The Company also retains a First Right of Refusal on the balance of the NSR. The shares to be issued to the vendor will be subject to a hold period in accordance with the policies of the TSX Venture Exchange. The agreement is subject to the approval of the TSX Venture Exchange.

The Verde claims are located approximately 1200 metres from Copper Mountain Mining Corp’s (TSX.V Symbol – “CUM”) Copper Mountain Project. Copper Mountain recently received a positive feasibility study to bring back into production a conventional open pit mine on it’s Copper Mountain project and production is scheduled to commence by the end of 2010. Pro Minerals decision to acquire the Verde claims was based on encouraging results from surface and trench samples taken by the Company’s geological team. The Company will be undertaking additional sampling and surveying in anticipation of a follow up diamond drill program.

ON BEHALF OF THE BOARD OF DIRECTORS OF PRO MINERALS INC.

Christopher B. Chu - President