Altiplano Minerals provides Q1 Corporate Update and Earn-In Achievement on the Comet Joint Venture
EDMONTON, ALBERTA--(Marketwired - March 29, 2017) - Altiplano Minerals Ltd. (TSX VENTURE:APN) ("APN" or the "Company") is pleased to provide an update on its activities and achievements in Q1 2017. The Company has been extremely focused at both the corporate and project level with highlights in both areas listed below.
Joint Venture Update
Further to the Company's press release dated February 10, 2017, Altiplano can confirm fulfillment of its requirements to earn an initial 20% interest in the copper and gold projects called Farellon and Maria Luisa.
Pursuant to the joint venture agreement with Comet Exploration Ltd., the Company has quickly earned the initial 20%, by funding US$0.75 million in expenditures. Many of the highlights listed below have contributed to this achievement.
CEO John Williamson stated, 'To achieve this milestone so quickly, after signing the JV agreement less than 6 weeks ago, is a strong testament to the pace at which we intend to advance this project. Our message in that regard has been consistent and this achievement provides further validation of our execution plan to shareholders and potential investors.'
Further to the agreement, the next milestone with respect to the earn-in will occur at 35% or 50% interest in the JV, respectively, by funding up to an aggregate of US$1.25 million, or US$2.0 million, respectively.
A picture is available at the following address: http://media3.marketwire.com/docs/Farellon_site.jpg
Completed Highlights - Q1
Project
- Signed an initial heads of agreement and ultimately finalized the formal Joint Venture agreement with Comet Exploration Ltd. on (initially) two copper and gold projects called Farellon and Maria Luisa located near the town of La Serena, Chile
- Commencement of underground operations at Farellon Project which has included: the negotiation and signing of an initial 100 m mining contract, advance underground adit 125 m to intersect Farellon Vein system beneath existing workings and install a vent rise at 100 m
- Negotiate and sign second underground mining contract for the next phase (100 - 400 m) which is currently underway
- Equipment purchase and requisition including an underground diamond drill, 60 kwt generator, air compressor, sea can storage and Shot Crete equipment
- Completion of the upgrades and construction to the haul road
Corporate
- Fort Capital was retained as a capital markets advisor and to provide advice on strategic opportunities (www.fortcapital.ca)
- Closed oversubscribed financing to raise $3M
- Initiated Board reconstitution; appointed Mr. Jeremy Yaseniuk to Board (http://altiplanominerals.com/corporate/management_board/)
- Investor relations role filled by Ms. Lisa May
About Altiplano
Altiplano Minerals Ltd. (TSX VENTUREAPN) is a mineral exploration company focused on evaluating and acquiring projects with significant potential for advancement from discovery through to production, in Canada and abroad. Management has a substantial record of success in capitalizing opportunity, overcoming challenges and building shareholder value. Additional information concerning Altiplano can be found on its website at www.altiplanominerals.com.
ON BEHALF OF THE BOARD
John Williamson, President and CEO
Tel: (780) 437-6624
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the (TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
Contact
Altiplano Minerals Ltd.
Lisa May
Investor Relations
(778) 288-2737
lisam@altiplanominerals.com
www.altiplanominerals.com
Renmark Financial Communications Inc.
Laura Welsh
(416) 644-2020 or (514) 939-3989
lwelsh@renmarkfinancial.com
www.renmarkfinancial.com