Altiplano Minerals Provides Update and Announces Earn-In Milestone on the Comet Joint Venture, Chile
EDMONTON, ALBERTA--(Marketwired - May 9, 2017) - Altiplano Minerals Ltd. (TSX VENTURE:APN) ("APN" or the "Company") is pleased to provide an update on the status of the Comet Joint Venture (CJV) current earn-in status.
Earn-In Status 35% Completed
Further to the Company's press release dated February 10, 2017, Altiplano can confirm fulfillment of its requirements to earn a 35% interest in the CJV with Comet Exploration Ltd. The CJV comprises two Copper-Gold development projects in Chile named: Farellon and Maria Luisa. Pursuant to the joint venture agreement with Comet Exploration Ltd., the Company has earned its interest by funding US$1.25 million in exploration and development expenditures. Further to the agreement, the next milestone with respect to the earn-in will occur at 50% interest in the JV, by funding to an aggregate of US$2.0 million.
Joint Venture Update
To date, the adit has advanced a total of 191 m. The underground advancement is averaging approximately 4m per day, but with the installation of the air vent, productivity is expected to increase to 6m per day. During April, the CJV completed the first formal survey of the underground adit which will facilitate accurate location of drilling which feeds into the upcoming resource work.
At Maria Luisa, preparations have begun to dewater the lower levels of the underground workings for access for further geological work, surveying and engineering design work expected to be conducted over the coming weeks.
CEO John Williamson stated, 'We are very pleased to be able to advise the investment community of our earn-in obligations and the continued rapid advancement of infrastructure, development, drilling, surveying which feeds into upcoming resource work prior to a potential production decision. We have, and will, continue to advance this project at a rapid pace as we have consistently messaged to our shareholders and potential investors.'
About Altiplano
Altiplano Minerals Ltd. (TSX VENTURE:APN) 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
Renmark Financial Communications Inc.
Laura Welsh
(416) 644-2020 or (514) 939-3989
lwelsh@renmarkfinancial.com
www.renmarkfinancial.com