- TSX.V: CDB $0.13
- OTCQB: CDBMF $0.10
Cordoba Minerals Announces HPX has Entered the Next Phase of the San Matias Joint Venture
April 6, 2016 Download PDF
TORONTO, CANADA, April 6, 2016: Cordoba Minerals Corp. ("Cordoba" or the "Company") (TSX- V: CDB), is pleased to announce that High Power Exploration Inc. ("HPX"), a private mineral exploration company indirectly controlled by mining entrepreneur Robert Friedland, has entered Phase One of the Joint Venture Agreement ("JV Agreement") whereby HPX can earn a 25% interest in the San Matias Project in Colombia by spending an additional C$6 million. Phase One of the Joint Venture has commenced as a result of HPX completing an initial C$2.5 million exploration program funded by HPX private placements into the Company (see details in Cordoba's February 29, 2016 news release).
In Phase Two of the Agreement, HPX can earn a 51% interest in the San Matias Project by spending an additional C$10.5 million, for total exploration expenditures of C$19 million. HPX can earn up to a 65% interest in the project by carrying it to feasibility.
HPX has also acquired a direct 50.1% interest in Sociedad Ordinaria de Minas Omni ("OMNI"), owners of the Alacran Copper-Gold Project (see October 21, 2015 news release), for approximately US$3.3 million. The Joint Venture has the option to acquire a 100% interest in the property, which is located within Cordoba's San Matias Project, and is currently completing a 3,000-metre drill program as part of the earn-in agreement. The share acquisition simplifies the OMNI shareholder structure, will contribute to the HPX earn-in under Phase One of the JV Agreement and will give HPX a 50.1% share of option payments and royalties attributable to OMNI under the Alacran earn-in agreement.
"I am very pleased that HPX is proceeding to the next phase of our partnership and has committed additional funds to advance our exploration efforts at the San Matias Copper-Gold Project in Colombia including Alacran, where we believe the potential exists to make a world-class discovery. The purchase of the OMNI shares provides HPX with a controlling interest in the company for the benefit of both Cordoba and HPX," commented Mr. Stifano, President and CEO of Cordoba.
The Company also announced that the Definitive Agreement for the acquisition of the Alacran Project from OMNI has been completed and the Company issued 100,000 warrants pursuant to the previously announced earn-in agreement. Each warrant is exercisable to acquire one common share of the Company at an exercise price of $0.21 until April 1, 2018.
About San Matias Project
The newly discovered San Matias Copper-Gold Project comprises a 20,000-hectare land package on the inferred northern extension of the richly endowed Mid Cauca Belt. The project contains several known areas of porphyry copper-gold mineralization, copper-gold skarn mineralization and vein hosted gold- copper mineralization. Porphyry mineralization at the San Matias Project incorporates high-grade zones of copper-gold mineralization hosted by diorite porphyries containing strong potassic alteration and various orientations of sheeted and stockwork quartz-magnetite veins with chalcopyrite and bornite. The copper-gold skarn mineralization at Alacran is associated with stratabound replacement of a marine volcano-sedimentary sequence. The nature of mineralization encountered at San Matias is similar to other large high-grade copper-gold deposits.
About Cordoba Minerals
Cordoba Minerals Corp. is a Toronto-based mineral exploration company focused on the exploration and acquisition of copper and gold projects in Colombia. Cordoba owns 100% of the highly prospective San Matias Project, located near operating open-pit mines with ideal topography in the Department of Cordoba. For further information, please visit www.cordobaminerals.com.
Mario Stifano, President and CEO
Phone: +1 416-862-5253
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the potential of the Company's properties are forward-looking statements that involve various risks and uncertainties. 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 are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.