Camino Corp Completes Acquisition of 100% Ownership Interest in the Los Chapitos Copper Discovery
July 2, 2020
Vancouver, July 2, 2020 – Camino Corp. (TSXV: COR) (OTCQB: CAMZF) (WKN: A116E1) (“Camino” or the “Company”) is pleased to announce that it has completed the exercise of its option agreement with Minas Andinas SA on the Los Chapitos property, located along the coast of the second largest copper producing country, Peru. As a result, Minas Andinas has executed a transfer agreement that assigns to Camino legal title to 39 claims totaling 22,500 hectares (220 sq. km’s) covering its Los Chapitos copper discovery.
“Our Los Chapitos property is a new discovery in the copper sector that gained recognition during the first exploration drill campaign initiated in 2017 and 2018. Camino has since advanced its systematic exploration at Chapitos with geochemistry mapping, geophysics and permitting, leading us to our next drill campaign planned for September. Drilling will be focussed on expansion of known mantos and the discovery of potentially new copper mantos.” said Jay Chmelauskas, President & CEO. “New copper discoveries are needed to shore up the supply demand dislocation between depleting mine supply and new copper demand from an electrifying global economy. We believe that the Los Chapitos discovery has the potential to host a significant copper deposit, and Camino has now secured 100% ownership.”
The option agreement with Minas Andinas was executed on July 19, 2016. Camino has now completed all option exercise conditions, with the final instalment of cash and shares advanced on June 30, 2020, consisting of US$150,000 in cash and 150,000 common shares of Camino. Minas Andinas retains a 1.5% Net Smelter Royalty (“NSR”) that is payable up to a maximum of US$10 million and adjusted annually from 2016 to reflect the US Consumer Price Index (CPI). Camino holds a right of first offer to purchase the NSR. Advance Royalty Payments of US$500,000 will be payable for each 500 million pounds of copper equivalent identified in any measured and indicated resource estimate. In addition, starting in 2021 the Company has agreed to make annual prepayments to Minas Andinas of US$50,000 against the Advanced Royalty Payment to a maximum of US$250,000 over 5 years.
Camino Corp. has developed its Covid-19 Surveillance, Prevention and Control Plan with the intent to commence exploration activities at Los Chapitos in July, while maintaining a safe working environment for its staff and contractors, and minimizing impact and interaction with the supporting town of Chala and the local community.
About Camino Minerals Corporation
Camino is a discovery and development stage copper exploration company. The Company is focused on advancing its high-grade, Los Chapitos copper project located in Peru, towards potential resource delineation and new discoveries. The Company seeks to acquire a portfolio of advanced copper assets that have the potential to deliver copper into an electrifying copper intensive global economy. For more information, please refer to Camino’s website at www.caminominerals.com.
Owen D. W Miller, Ph.D FAusIMM(CP) a Qualified Person as defined by NI 43-101, has reviewed and approved the technical contents of this document.
|ON BEHALF OF THE BOARD||For further information, please contact:|
|/S/ “Jay Chmelauskas”||Camino Investor Relations|
|President and CEOfirstname.lastname@example.org|
| ||Tel: (604) 608-4513|
Cautionary Note Regarding Forward Looking Statements: Certain disclosures in this release constitute forward-looking information. In making the forward-looking disclosures in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. Forward-looking information in the release includes the prospectivity of the project for future exploration, supply and demand of the copper sector and impact from depleting mines, development of the property into a producing copper mine, and drilling and timing of drilling planned on the Los Chapitos copper project and that actual results of exploration and engineering activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking information in this release is subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information. Such risk factors include, among others, that actual results of the Company's exploration activities will be different than those expected by management, that the Company will be unable to obtain or will experience delays in obtaining any required approvals and the state of equity and commodity markets. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Neither 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.