/NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR

DISSEMINATION IN THE UNITED STATES/

INTERRA COPPER CORP. EXTENDS CLOSING OF PROPOSED ACQUISITION

OF ALTO VERDE COPPER INC. AND RELATED FINANCING

January 31, 2023, VANCOUVER, British Columbia – Interra Copper Corp. (CSE: IMCX, OTCQB: IMIMF, FRA: 3MX) (“Interra” or the “Company”) announces that, further to its press release dated January 19, 2023, regarding the extension of time for completion of the proposed three-cornered amalgamation (the “Proposed Transaction”) with Alto Verde Copper Inc. (“Alto Verde”), the Company has also extended the price protection on the related subscription receipts financing until February 2, 2023 which is the scheduled closing date.

Pursuant to the Proposed Transaction, a newly created wholly-owned subsidiary of the Company will amalgamate with Alto Verde to create a new company (“Newco”) with Newco becoming a wholly-owned subsidiary of the Company at closing, expected to be on or before March 10, 2023. 

Further details regarding the Proposed Transaction and Alto Verde are disclosed in the Company’s news release dated December 4, 2022.

About Alto Verde

Alto Verde Copper Inc. is a private mining company focused on its portfolio of prospective exploration assets located in the Central Volcanic Zone, within the prolific Chilean Copper belt.

Alto Verde's portfolio includes three copper exploration projects: Pitbull in the Tarapaca Region and Tres Marias and Zenaida in the Antofagasta Region. Alto Verde holds a significant land package covering an area of 19,850 hectares with the projects situated proximal to several of the world's largest mines.

Alto Verde's leadership team is comprised of senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Alto Verde is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which it operates.

About Interra Copper Corp.

Interra is a junior exploration and development company focused on creating shareholder value through the advancements of its current assets that include the Thane Property in north-central British Columbia. Utilizing its heavily experienced management team, Interra continues to source and evaluate assets to further generate shareholder value.

The Thane Property covers approximately 206 km² (50,904 acres) and is located in the Quesnel Terrane geological belt of north-central British Columbia, midway between the previously operated open pit Kemess Mine and the current open pit Mount Milligan mine, both two copper-gold porphyry deposits. The Thane Property includes several highly prospective mineralized areas identified to date, including the ‘Cathedral Area’ on which the Company’s exploration is currently focused.

ON BEHALF OF INTERRA COPPER CORP.

Jason Nickel, P.Eng.

Chief Executive Officer and Director

Telephone: +1-604-754-7986

Email: moc.liamg@reppocarretni

INVESTOR RELATIONS:

Telephone: +1-604-245-0054 

Website: https://interracopper.com

Alto Verde Copper Inc.

Chris Buncic

President, Chief Executive Officer and Director

Email: moc.reppocedrevotla@srotsevni

Cautionary Statement Regarding Forward-Looking Information: This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the Proposed Transaction and related financing are forward-looking statements.There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.