Cerro de Pasco Resources is Granted a Long-Awaited Land Easement for its Quiulacocha Project, Peru
Cerro de Pasco Resources is Granted a Long-Awaited
Land Easement for its Quiulacocha Project, Peru
MONTRÉAL, QUÉBEC, CANADA — (May 28, 202 4) Cerro de Pasco Resources Inc.
(CSE:CDPR) (OTCPK: GPPRF) (FRA: N8HP) (“CDPR” or the “Company”) is delighted to
confirm that the Company has been granted a long awaited Land Easement (“Easement”)
via Supreme Resolution (“Resolution”), providing access to the surface areas
corresponding to its wholly owned El Metalurgista Concession and Quiulacocha Tailings
Project (“QT Project”) , where the Company will perform its exploration drilling campaign,
marking a major milestone for the Company.
The Resolution, which overrides deadlock with the State -owned Activos Mineros SAC
(“AMSAC”), enforces the Company’s legitimate rights as holder of the El Metalurgista
Concession, to explore and in due course exploit the QT Project. Following concerted action
led by the Ministry of Energy and Mines and a rigorous process, the Government signed the
Supreme Resolution, thus marking the start of the full -scale project in Cerro de Pasco.
Easements of this type have only been granted a handful of times in the past in Peru.
Guy Goulet, CEO: “This is a very significant development for CDPR, we have pursued this
Easement for several years and were able to satisfy requirements every step of the way,
overcoming the deadlock with AMSAC. We had hoped to get here sooner but recognize that
the sign-off on a special instrument of this nature requires a very detailed level of diligence.
The fact that we have achieved this milestone gives us significant comfort that subsequent
stages can be executed more quickly due to this precedent . I would like to express my
thanks to the various authorities who have guided us through this process. This is a project
that is fully supported by the local community, it is a project that the city of Cerro de Pasco
needs. It brings innovation, health and environmental benefits, and much-needed revival in
the local economy. It is also cons idered one of the largest above -ground resources on the
Planet, with considerable precious and critical metal values.”
Next Steps
With this, the Company complies with all requirements to get access to the area covered by
the El Metalurgista and undertake drilling during the forthcoming Andean dry season (June
to November). In parallel, the Company will agree terms to extend drilling to the entire
Quiulacocha Tailings site, beyond the boundaries of the El Metalurgista concession.
Agreement Highlights
The Supreme Resolution, signed by the President of Peru, as well as the Ministers of Energy
& Mines, and Agriculture, respectively, concludes a lengthy deadlock with AMSAC, a state -
owned entity originally tasked with the remediation of state environmental liabilities
stemming from the privatization of Centromin. CDPR will deposit approximately US$ 1
million at the National Bank for the Easement and will be allowed to access and start
activities forthwith within the El Metalurgista concession.
Drilling Program
CDPR expects to complete the 40 -hole drilling program and to begin the first phase of the
QT Project in the coming months, coinciding with the Peruvian Andes dry season. The
program will include geophysical studies, laboratory testing, minerology testing, resource
estimation and economic assessment, with the objective of filing a resource report
compliant with National Instrument 43 -101 - Standards of Disclosure for Mineral Projects
(“NI 43-101”).
The Quiulacocha Tailings
CDPR is the titleholder of the concession located in Peru called “El Metalurgista”, which
grants it the right to explore and exploit the Quiulacocha Tailings located within its assigned
area. The enforceability of these rights has been formally confirmed by the General Mining
Bureau of Peruvian Ministry of Energy and Mines.
The Quiulacocha Tailings Storage Facility covers approximately 115 hectares and is
estimated to hold approximately 75 million tonnes of material processed from the 1920s to
1990s.
The Quiulacocha Tailings Storage Facility is comprised of processing residues that came
from the Cerro de Pasco open pit and underground mine. Initially these tailings resulted
from the mining 16+ million tonnes of copper -silver-gold mineralization with reported
historical grades of up to 10% Cu, 4 g/t Au and over 300 g/t Ag and later from the mining of
58+ million tonnes of zinc-lead-silver mineralized material with average historical grades of
7.41% Zn, 2.77% Pb and 90.33 g/t Ag.
Technical Information
Mr. Jorge Lozano, MMSAQP and Chief Operating Officer for CDPR, has reviewed and
approved the scientific and technical information contained in this news release.
Mr. Lozano is a Qualified Person for the purposes of reporting in compliance with NI 43-101.
About Cerro de Pasco Resources
Cerro de Pasco Resources is a mining company, with the goal to become the next mid -tier
producer in Peru. CDPR is focused on the development of its principal 100% owned asset,
the El Metalurgista mining concession, comprising mineral tailings and stockpiles extracted
from the Cerro de Pasco open pit mine in Central Peru. The company’s approach at El
Metalurgista entails the reprocessing and environmental remediation of mining waste and
the creation of numerous opportunities in a circular economy. CDPR is also focused on
mining, development, and exploration of its wholly owned 6,000-hectare Santander Mine in
the highly prospective Antamina -Yauricocha Skarn Corridor, located 215 km from Lima.
CDPR is founded on clear objectives, to engender long -term economic sustainability and
benefit for the local population, from an economic, social and health point of view.
Forward-Looking Statements and Disclaimer
Certain information contained herein may constitute “forward -looking information” under
Canadian securities legislation. Generally, forward -looking information can be identified
using forward -looking terminology such as “plans”, “seeks”, “expects”, “estima tes”,
“intends”, “anticipates”, “believes”, “could”, “might”, “likely” or variations of such words,
or statements that certain actions, events or results “may”, “will”, “could”, “would”,
“might”, “will be taken”, “occur”, “be achieved” or other similar expressions.
Forward-looking statements, including the expectations of CDPR’s management regarding
the realization, timing and scope of its drilling program, the completion of a resource report
as well as the business and the expansion and growth of CDPR’s operations, are based on
CDPR’s estimates and are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or achievements of
CDPR to be materially different from those expressed or implied by such forward -looking
statements or forward-looking information.
Forward-looking statements are subject to business and economic factors and
uncertainties and other factors, that could cause actual results to differ materially from
these forward-looking statements, including the relevant assumptions and risks factors set
out in CDPR’s public documents, available on SEDAR + at www.sedarplus.ca. There can be
no assurance that such statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements. Alth ough CDPR
believes that the assumptions and factors used in preparing the forward-looking statements
are reasonable, undue reliance should not be placed on these statements and forward -
looking information. Except where required by applicable law, CDPR disclaims any intention
or obligation to update or revise any forward -looking statement, whether as a result of new
information, future events or otherwise.
Further Information
Guy Goulet, CEO
Telephone: +1-579-476-7000
Mobile: +1-514-294-7000