Cordoba Minerals Announces 2020 Work Program Accelerated Development of San Matias Copper-Gold-Silver Project in Colombia Geophysical Survey Underway at Perseverance Copper Project in
Cordoba Minerals Announces 2020 Work Program
Accelerated Development of San Matias Copper-Gold-Silver Project in
Colombia
Geophysical Survey Underway at Perseverance Copper Project in
Arizona, USA
VANCOUVER, BRITISH COLUMBIA, January 20, 2020: Cordoba Minerals Corp. (TSX-
V:CDB; OTCQB:CDBMF) (“Cordoba” or the “Company”) today announced its upcoming work
program for 2020 at the San Matias Copper-Gold-Silver Project in Colombia and the
Perseverance Copper Project in Arizona, USA.
At San Matias, Cordoba plans on accelerating development of the Alacran deposit and has begun
the pre-feasibility studies required to secure the necessary Colombian mining approvals.1
Cordoba will also pursue further exploration in the San Matias district, including advancing the
search for the porphyry sources of the Alacran and Montiel West deposits.
At the Company’s Perseverance Copper Project, which it is exploring through a Joint Venture and
Earn-In Agreement with Bell Copper Corporation (“Bell Copper”), Cordoba has commenced a
magneto-telluric (“MT”) geophysical survey. The goal of the MT survey is to close off the
previously-identified strong conductivity anomaly thought to reflect the southwestern edge of a
concealed porphyry system.
“We have a very exciting work plan for the year ahead,” said Eric Finlayson, President and CEO
of Cordoba and President of Cordoba’s majority shareholder High Power Exploration (“HPX”). “At
San Matias, which has been designated as a project of national significance by the Government
of Colombia, we are conducting pre-feasibility studies for mine development at the Alacran
copper-gold-silver deposit while continuing the search for the concealed porphyry systems
responsible for mineralization in the area. At Perseverance, together with our joint venture partner
Bell Copper, we hope to definitively test the porphyry copper potential of the project in 2020.”
Accelerated Development of San Matias Project
The San Matias project was the subject of a July 2019 Preliminary Economic Assessment (“PEA”)
titled “NI 43-101 Technical Report and Preliminary Economic Assessment, San Matías Copper-
Gold-Silver Project, Colombia” with an effective date of July 29, 2019, which outlined a robust
project with positive economics (refer to Cordoba’s news release dated July 29, 2019). The PEA
project generated a pre-tax NPV of US$347.0 million at an 8% discount rate and IRR of 26.8%,
1 While the Alacran title block remains under force majeure (refer to Cordoba’s news release dated August 9, 2019),
environmental and geotechnical work has commenced on adjacent titles where mine infrastructure would be
located (see Figure 1 below).
2
and an after-tax NPV of US$210.7 million at an 8% discount rate and IRR of 20.3% using metals
price assumptions of US$3.25 per pound copper, US$1,400 per ounce gold and US$17.75 per
ounce silver. Management believes there is considerable scope to enhance project value through
optimization studies.
The PEA is preliminary in nature and includes an economic analysis that is based, in part, on
Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative
geologically for the application of economic considerations that would enable them to be
categorized as Mineral Reserves – and there is no certainty that the results will be realized.
Mineral Resources do not have demonstrated economic viability and are not Mineral Reserves.
Cordoba is accelerating work required for completion of the Environmental Impact Assessment
(“EIA”) and the Mining Technical Work Plan (Programa de Trabajo y Obras or “PTO”) required to
secure the necessary Colombian mining approvals for the Alacran deposit. To this end, Cordoba
has engaged Nordmin Engineering Ltd. (“Nordmin”) to manage the work required to complete the
EIA and PTO. Due to the detailed technical nature of the work required for the EIA and PTO,
Nordmin will also complete a pre-feasibility study (“PFS”) for Alacran in compliance with National
Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Figure 1: San Matias PEA site layout.
18220-01 -10-1010
MINE SITE LAYOUT
GENERAL ARRANGEMENT
PITS, STOCKPILES, T.M.F, WATER MANAGEMENT, ETC.
PLAN VIEW
ALACRAN P.E.A.
CORDOBA MINERALS
18220-01
NOT FOR CONSTRUCTION
PRELIMINARY
BWS / AK / HL
TAILINGS MANAGEMENT FACILITY
(ELEV. 173 m) 98.1M cu. m
ALACRAN WASTE DUMP
26.4M cu. m
SAPROLITE STOCKPILE
5M TONNES
MONTIEL EAST PIT
MONTIEL WASTE DUMP
1.2M cu. m
COSTA AZUL PIT
COSTA AZUL WASTE DUMP
0.7M cu. m
WATER COLLECTION
AND TREATMENT
MONTIEL WEST PIT
STOCKPILE
100,000 TONNES
ALACRAN PIT
WATER COLLECTION
AND PUMPING
LEGEND
MAIN RIVERS
RECLAIMED WATER LINE TO MILL
TRANSFER WATER LINE TO TREATMENT FACILITY
SEEPAGE WATER LINE TO TREATMENT
700m BLASTING SET-BACK FROM ALACRAN PIT
OPEN PIT MINING AREA
ORE STOCKPILE
TOPSOIL STOCKPILE
OPEN PIT WASTE ROCK STORAGE
TAILINGS MANAGEMENT FACILITY
858,000
422,000
857,000856,000855,000854,000853,000
421,000420,000419,000418,000417,000416,000
422,000421,000420,000419,000418,000417,000416,000
858,000857,000856,000855,000854,000853,000
1
WATER TREATMENT
WATER COLLECTION
AND PUMPING
EMERGENCY SPILLWAY
SECONDARY STREAMS
EXISTING ROADS
PLANNED SITE ROADS
TAILINGS LINE FROM MILL
WATER COLLECTION
AND PUMPING
PAG WASTE
17.6M cu. m
2019-07-22
A
B
C
D
E
F
1 2 3 4 5 6 7 8
A
B
C
D
E
F
2 50 100 Millimeters
REF. DWG. NO. REFERENCE DRAWING TITLE REV. DESCRIPTION DATE BY CHECK APPR.
DATE
THIS DRAWING MIGHT BE REDUCED FROM ITS ORIGINAL SIZE. DO NOT SCALE
CLIENT:
PROJECT / LOCATION:
TITLE:
SCALE: PROJ. NO. DWG. NO.
134 Inches
DESIGNED BY:
DRAWN BY:
CHECKED BY:
APPROVED BY:
R E V I S I O N SR E F E R E N C E D R A W I N G S
REV. NO.
NOT TO SCALE
1 UPDATED PIT SHAPES, WASTE TONNAGES, TAILINGS SITE DESIGN 2019-07-24 AK
MILL / LABRATORY
CRUSHER
WATER COLLECTION
AND TREATMENT
3
Figure 2. San Matias planned work program and milestones.
Magneto-Telluric Survey at Perseverance to Fully Define Conductivity Anomaly
Cordoba has retained Quantec Geoscience USA (“Quantec”) to conduct a magneto-telluric survey
at Perseverance to close off a large conductivity anomaly defined by previous work that remains
open to the northeast (see Figure 4 below). Drilling to date suggests that the anomaly reflects the
southwestern edge of a concealed porphyry system. Similar MT conductors are known to be
associated with porphyry copper deposits in the USA.
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2020 2021
Geotech
drilling
Exploration
drilling
PFS work
PTO and
EIA work
4
Figure 3: Map of Arizona, USA showing location of Perseverance project and other significant
copper deposits.
5
Figure 4: Previously completed Perseverance MT survey showing strong conductivity (resistivity
low) anomaly in the northeast corner. The area to be surveyed by the 2020 MT survey is shown,
as are drill hole collar locations from past drilling.
Technical Information & Qualified Person
The technical information in this release has been reviewed, verified and approved by Charles N.
Forster, P.Geo., a Qualified Person for the purpose of NI 43-101. Mr. Forster is the Vice President
Exploration for Cordoba and for HPX, Cordoba’s majority shareholder, and is not considered
independent under NI 43-101.
About Cordoba
Cordoba Minerals Corp. is a mineral exploration company focused on the exploration,
development and acquisition of copper and gold projects. Cordoba is developing the San Matias
Copper-Gold-Silver Project, which includes the Alacran deposit and satellite deposits at Montiel
East, Montiel West and Costa Azul, located in the Department of Cordoba, Colombia. Cordoba
also holds a 25% interest in the Perseverance Copper Project in Arizona, USA, which it is
exploring through a Joint Venture and Earn-In Agreement. For further information, please visit
www.cordobaminerals.com.
Information Contact
Evan Young +1-604-689-8765
6
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy
of this release.
Forward-Looking Statements
This news release includes “forward-looking statements” and “forward-looking information” within the
meaning of Canadian securities legislation. All statements included in this news release, other than
statements of historical fact, are forward-looking statements including, without limitation, all statements in
relation to the Company’s 2020 work program, the development timetable for the San Matias Copper-Gold-
Silver Project; the timing of completion of the PFS, EIA and PTO; the PEA; exploration for the porphyry
sources of the Alacran and Montiel West deposits; and the timing and results of the geophysical survey at
the Perseverance Copper Project. Forward-looking statements include predictions, projections and
forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan",
"estimate", "expect", "potential", "target", "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.
Forward-looking statements are based on a number of assumptions and estimates that, while considered
reasonable by management based on the business and markets in which the Company operates, are
inherently subject to significant operational, economic, and competitive uncertainties, risks and
contingencies. These include assumptions regarding, among other things: general business and economic
conditions; the availability of additional exploration and mineral project financing; the supply and demand
for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners;
the timing and receipt of governmental permits and approvals; the timing and receipt of community and
landowner approvals; changes in regulations; political factors; the accuracy of the Company’s interpretation
of drill results; the geology, grade and continuity of the Company’s mineral deposits; the availability of
equipment, skilled labour and services needed for the exploration and development of mineral properties;
and currency fluctuations. There can be no assurance that forward-looking statements will prove to be
accurate and actual results, and future events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ materially from the Company's
expectations include actual exploration results, interpretation of metallurgical characteristics of the
mineralization, 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, including those described under the heading “Risks and Uncertainties” in the Company’s MD&A
for the year ended December 31, 2018. The Company does not undertake to update or revise any forward-
looking statements, except in accordance with applicable law.