Significant Copper Mineralization Reported from Recent Drilling at the Bellas Gate Joint Venture in Jamaica

Ottawa, Ontario--(Newsfile Corp. - October 26, 2015) - Carube Copper Corp. (TSXV: CUC) is pleased to announce recent drill results from the Bellas Gate Joint Venture in Jamaica. The $3.6 million 2015 exploration program operated by joint venture partner OZ Minerals Limited (ASX: OZL) at Bellas Gate is near completion with the remainder of drill results expected before year-end. The objective of the 2015 program is to evaluate the original 14 high-priority targets that were identified in late 2013 by Carube Copper and OZ Minerals.

Highlights of the most recent drill holes from the prioritized targets include:

The recent drill results from Geo Hill, Mab Hill, Charing Cross, Dry Hill, Hendley, Congo Hill and Kola prospects are listed in Table 1. Please see Figure 1 in the press release dated July 22, 2015, for the location of all prospects at Bellas Gate.

Jeff Ackert, President and CEO of Carube Copper stated: "Results from initial drilling at Geo Hill, Mab Hill, Dry Hill, Charing Cross and Hendley indicate that significant copper-gold mineralization is present beyond that identified within the porphyries at the Connors and Camel Hill prospects. The wide copper-gold intersections at all prospects drilled to date have validated our targeting. With more results expected from Kola and Congo Hill, the joint venture has a sound base on which to plan its 2016 program to delineate and expand copper-gold mineralization at Bellas Gate."

Upon receipt of results from the last drill holes, the joint venture will review all data and select the targets for the next phase of exploration. It is anticipated that several of the recently-drilled prospects will be subject to further drilling. In addition a number of the remaining prospects will be prioritized for first pass drilling. Of note is the Provost Prospect where field mapping has found intense porphyry-style quartz veining and alteration with associated iron oxides, copper oxides and limonite at surface.

Table 1: Bellas Gate Joint Venture — Summary of Most Recent Drilling Intersections

The intervals do not necessarily indicate true width of mineralization, as its geometry is not known. Copper equivalents are calculated using a US $3.00/lb. copper and a US$1200 per ounce gold price assuming unlimited internal dilution and 100% recovery of both metals.

Exploration completed by OZ Minerals to September 30, 2015:

• Thirty-nine diamond drill holes at the Connors, Ginger Ridge, Geo Hill, Hendley, Mab Hill, Dry Hill, Congo, Kola and Charing Cross prospects, totalling 10,875 metres.
• Analysis of 9,848 drill samples
• Five soil sample survey areas totalling 2,892 samples
• Collection and assay of over 353 rock chip samples
• Geological mapping of 19 prospects, of which 12 were high-priority
• Heliborne magnetic and radiometric survey totalling 1.866.65 line-kilometres

Results from drilling at Connors and other prospects are detailed in Schedules 1 and 2 attached.

Sample Preparation, Analysis and Quality Control: For a description of these items as pertaining to drill core and soil samples please see disclosure in press releases of January 14, 2015 and October 2, 2014. OZ Minerals, Carube Copper and Activation Laboratories all have robust sample security and quality control programs in place for samples collected in Jamaica.

Contacts
Jeff Ackert, President and CEO • 1-613-839-3258 • jackert@carubecopper.com
Dr. Vern Rampton, Executive Vice President • 1-613-839-3258 • vrampton@carubecopper.com
Alar Soever, Chairman • 1-705-682-9297 • asoever@carubecopper.com
Darrell Munro, Corporate Administration • 1-613-839-0474 • dmunro@carubecopper.com

This press release has been reviewed and approved by Dr. Vern Rampton, P. Eng., in his capacity as a qualified person as defined under NI 43-101. All references to "$" herein are to Canadian dollars unless stated otherwise.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

ABOUT CARUBE COPPER CORP.

Carube Copper Corp. (TSXV: CUC) is a Canadian exploration company focused on the rapid exploration and development of precious metal and copper projects in Jamaica and Canada. Through a wholly owned Jamaican subsidiary, Carube Copper owns a 40% beneficial interest (subject to a 2% NSR) in the Bellas Gate Project, which consists of two highly prospective copper-gold licenses covering 84 square kilometres of the Central Inlier. The Bellas Gate Project is the subject of a joint venture agreement with OZ Minerals Limited, an Australian copper-gold producer with a market capitalization of over $1B. OZ Minerals can earn a 70% interest (Carube Copper 30%) in the Bellas Gate Project by spending $6.5M on exploration and can then increase its interest a further 10% by completing feasibility study. OZ Minerals has flown airborne geophysics over 3 other Carube projects (4 wholly-owned Licences, subject to 2% NSRs, and subsequently can invoke separate joint ventures on each project under similar terms to those applicable to the BGP. Carube Copper also holds a 100% interest in three porphyry copper-gold-molybdenum properties in south-western British Columbia within the Tertiary-aged Cascade Magmatic Arc. Exploration continues on two of the BC projects, with the goal of joint venturing them to larger exploration and mining companies.

DISCLAIMER AND FORWARD-LOOKING STATEMENTS

This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Carube Copper Inc. provides no assurance that actual results will meet management's expectations. Actual events, results, performance, prospects and opportunities may differ materially from those expressed herein. Factors that can cause results to differ materially are set out in the company's documents filed on the SEDAR website. Even though Carube Copper believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on it, as it may only apply to a disclosed time frame or not at all. Carube Copper disclaims any obligation to update or revise information in the future other than required by law. For additional disclaimer provisions, please refer to our website.

APPENDIX

Schedule 1: Bellas Gate Joint Venture — Connors Prospect, Summary of Drilling Intersections

The intervals do not necessarily indicate true width of mineralization, as its geometry is not known. Copper equivalents are calculated using a US $3.00/lb. copper and a US$1200 per ounce gold price assuming unlimited internal dilution and 100% recovery of both metals.

Schedule 2: Bellas Gate Joint Venture — Other Prospects, Summary of Drilling Intersections

Note: * hole abandoned due to poor ground conditions. Target not achieved.

The intervals do not necessarily indicate true width of mineralization, as its geometry is not known. Copper equivalents are calculated using a US $3.00/lb. copper and a US$1200 per ounce gold price assuming unlimited internal dilution and 100% recovery of both metals.