Mr. Jeff Ackert reports

OZ MINERALS ELECTS TO SOLE FUND EXPLORATION TO COMPLETION OF FEASIBILITY STUDY AT CARUBE COPPER'S BELLAS GATE JOINT VENTURE

Carube Copper Corp.'s joint venture partner, Oz Minerals Ltd., has elected to solely finance phase 5 expenditures on the Bellas Gate project in Jamaica. By financing phase 5, which includes all work to the completion of a feasibility study, Oz Minerals will earn an additional 10-per-cent interest in the project. The initial work within the phase 5 program will comprise close to 2,000 metres of drilling on four priority copper prospects as well as mapping, sampling and ground geophysics on these and other targets.

Jeff Ackert, president and chief executive officer of Carube Copper, commented: "After many years of diligent exploration work and unwavering dedication by our team, moving into a phase 5 program with Oz Minerals is a terrific achievement for Carube Copper and its shareholders. We are extremely pleased with the commitment Oz Minerals has shown to our Bellas Gate project. Both Carube Copper and Oz Minerals see the potential for the project."

Once the feasibility study is complete, and a decision to mine is made, Carube may choose to finance its pro rata portion of the development of the project or elect to offer its remaining interest (10 per cent or 20 per cent) for sale to Oz Minerals at the then-NPV (net present value) as determined by the feasibility study. If Carube does choose to finance its pro rata portion, it can request Oz Minerals to carry it through to commercial production. This carried amount will be considered a loan at LIBOR plus 3 per cent, and payable through production and sale of material.

The BGP is Carube Copper's core asset with over 18 priority copper-gold prospects containing high-resource potential. Lengthy robust Cu-Au intersections have already been recorded from the Connors and Camel Hill porphyries. A recent Connors drill hole, CON-14-003, intersected 297 metres of 0.53 per cent copper equivalent including 55 metres of 1 per cent CuEq. Copper equivalents are calculated using prices at $3 (U.S.) per pound copper and a $1,200 (U.S.) per ounce gold, assuming unlimited internal dilution and 100-per-cent recovery of both metals. See press release dated Jan. 11, 2016, for a summary of drill results at the BGP.

Exploration at the BGP during the first four phases of work by Oz Minerals included diamond drilling of 40 holes totalling 11,028 metres, assaying of 10,537 metres of drill core and 353 rock chip samples, analysis of 2,892 soil samples, geological mapping of 20 prospects, of which 13 were high priority, and a heliborne magnetic and radiometric survey totalling 1,867 line kilometres. Oz Minerals has spent $8.3-million on the first four phases of exploration and currently retains a 70-per-cent interest, with Carube Copper holding 30 per cent.

The four priority targets to be investigated during the initial phase 5 program are:

• Provost prospect is a porphyry Cu-Au target. It is located on the prospective Southern Alteration zone trend between Geo Hill and Hendley, both of which host porphyry Cu-Au systems. Soil geochemistry anomalisms suggest a 400-metre-by-400-metre anomaly area. The prospect area contains a strong-to-intense density of stockwork veining in volcanic rocks, which include quartz A-veins in malachite-mineralized outcrops. The alteration zone is open along trend to southeast. This area will be drilled.
• Provost Southeast is a new prospective area located 800 metres southeast of the Provost prospect. Provost Southeast soil data outline an anomalous copper zone 600 metres long and of variable width from 100 metres to 200 metres. This area will be mapped and drilled.
• Lucky Valley is located to the northwest of Connors in an intrusive complex interpreted to be analogous to the Ginger Ridge stock which is host to the Connors porphyry complex. Multiple phases of intrusion have been identified in field mapping, including a quartz-feldspar porphyry that contains strong sheeted quartz plus/minus magnetite veining. Rock samples from this phase contained up to 0.44 per cent Cu and 0.67 gram per tonne Au. A zone of anomalous Cu in soil measuring 200 metres by 400 metres has been identified in an area of poor outcrop. Mapping and drilling are planned.
• Old Woman Hill is a porphyry Cu-Au target. It was the highest ranked Au anomaly from the 1980s CIDA survey at Bellas Gate, with one historic stream sediment sample returning 92 parts per million Cu and 42 parts per billion Au. Ground truthing has located the historic oxide copper occurrences. Reconnaissance mapping, soil sampling and drilling are planned.

Carube Copper has previously announced that it intends to raise an aggregate of $440,000 by way of a non-brokered private placement of up to three million units of the company at a price of eight cents per unit and up to two million flow-through common shares in the capital of the company at a price of 10 cents per share. Closing is expected to take place on or about March 9, 2016.

Sample preparation, analysis and quality control

For a description of these items as pertaining to drill core and soil samples, please see disclosures in press releases of Jan. 14, 2015, and Oct. 2, 2014. Oz Minerals, Carube Copper and Activation Laboratories all have vigorous sample security and quality control programs in place for samples collected in Jamaica.

Qualified person statement

This press release has been reviewed and approved by Dr. Vern Rampton, PEng, in his capacity as a qualified person as defined under National Instrument 43-101.

We seek Safe Harbor.