Cordoba Provides an Update on its Colombian Activities
Cordoba Provides an Update on its Colombian Activities
TORONTO, ONTARIO, January 30, 2019: Cordoba Minerals Corp. (TSX-V:CDB;
OTCQX:CDBMF) (“Cordoba” or the “Company”) is today providing this update regarding its
business activities in Colombia.
On June 26, 2018, the Company terminated the employment contract of Ms. Claudia Herrera,
the former President of the Company’s Colombian subsidiary, Minerales Cordoba S.A.S.
(“Minerales”). Following her termination, new management of Minerales discovered a number
of financial irregularities, and suspected misappropriated payments and other transactions in
Colombia which were completed while Ms. Herrera was the President. Cordoba commenced a
review of these transactions, and as a result, it was also discovered that other members of the
former Colombian management of Minerales were involved in the transactions as well.
As a result of the ongoing review, Cordoba filed criminal law suits in late 2018 and in January
2019 with the Colombian prosecutors against nine members of former Colombian management
alleging breach of fiduciary obligations, abuse of trust, theft and fraud. The Colombian
prosecutor service will determine if any formal charges should be laid. The Company is also
seeking civil damages against some of these individuals. The monetary amounts alleged to
have been taken are not yet finally determined, but are currently expected to be in and around
US$500,000.
Cordoba is continuing its detailed review of these matters and has retained a forensic auditor to
further that review. Cordoba will update the market accordingly.
All of the Company’s mining titles, applications and operations in Colombia remain in good
standing.
Eric Finlayson, President of High Power Exploration commented, “While the situation with
former Colombian management is unfortunate, we are happy to see Cordoba taking prompt
action to investigate and address the matter. Cordoba continues to have an exciting suite of
projects that we are looking forward to advancing. We remain fully committed to Cordoba and
are working with senior management and the board to identify and execute funding solutions
during this time of general market weakness for junior exploration companies.”
About Cordoba Minerals
Cordoba Minerals Corp. is a Toronto-based mineral exploration company focused on the
exploration and acquisition of copper and gold projects. Cordoba is currently focused on its
100%-owned San Matias Copper-Gold Project, which includes the advanced-stage Alacran
Deposit, located in the Department of Cordoba, Colombia. Cordoba has also entered into a
Joint Venture and Earn-In Agreement to explore the Perseverance copper porphyry project
located in Arizona, USA. For further information, please visit www.cordobaminerals.com.
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ON BEHALF OF THE COMPANY
Mario Stifano, President and CEO
Cordoba Minerals Corp.`
For further information, please contact:
Evan Young, Director, Investor Relations
Email: [email protected]
Phone: +1 (647) 808-2141
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of
the TSXV) accepts responsibility for the adequacy or accuracy of this press 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, statements
regarding the review by the Company and the forensic auditor, the criminal law suits, project
advancement and funding solutions. 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 Cordoba operates, are
inherently subject to significant operational, economic, and competitive uncertainties, risks and
contingencies. 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. 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 most recently filed MD&A. The Company
does not undertake to update or revise any forward-looking statements, except in accordance with
applicable law. Readers are cautioned not to put undue reliance on these forward-looking statements.