Camino and Japanese Miner Nittetsu Mining Sign Agreement for Interest in the Los Chapitos Copper Project in Peru
LEGAL*58043150.2
Camino and Japanese Miner Nittetsu Mining Sign Agreement for Interest in
the Los Chapitos Copper Project in Peru
Vancouver, June 14, 2023 – Camino Cor p. (TSXV: COR) (OTC: CAMZF) (WKN: A116E1) (“ Camino” or the
“Company”) is pleased to announce that it has entered into a Definitive Agreement (“Agreement”) with Nittetsu
Mining Co., Ltd. (“Nittetsu”) for its Los Chapitos copper exploration project (“Los Chapitos” or the “Project”) in
Peru.
Under the terms of the agreement, Nittetsu can earn a 35% interest in the Project by making payments and
expenditures totalling CAD $10, 100,000 over three years. Proceeds will be applied towards exploration, inf ill
drilling, and metallurgical and engineering studies. After successful completion of the earn-in period, the Project
will become a Joint Venture, whereby Camino will hold a 65% interest, remain operator of the Project, and retain
50% of the production off-take.
"Nittetsu is an experienced copper mining operator and a partner that is focussed on funding our Los Chapitos
Project towards a developmen t decision,” said Jay Chmelauskas, President and CEO of Camino. "We plan to
continue to explore our property to expand the known zones of copper mineralization to determine a potential
mine size. We have known the Nittetsu team for over two years, and we b elieve that our partnership will realize
the best development opportunity and value creation at Los Chapitos."
Key Terms:
• Payment to Camino of CAD $100,000 completed in February 2023.
• Nittetsu to pay Camino CAD $1,000,000 within 5 business days.
• Nittetsu to incur earn-in expenditures of CAD $9,000,000 over a 3-year period to earn a 35%
project interest in the Los Chapitos Project with no accruing interest rights.
• First installment payment of CAD $1,500,000 to be made within 5 business days.
• Upon completion of the 35% interest acquisition by Nittetsu, a Joint Venture between parties
will be established.
• Camino to remain the operator of the Project.
• Off-take on commercial basis to be shared 50% by each party.
• Exploration programs to begin immediately at the Los Chapitos Project.
“Our partnership with Nittetsu is another step towards developing our copper platform at Camino ,” said Keith
Peck, Executive Chairman of Camino. “The advancement of Los Chapitos with Nittetsu will complement our other
active corporate development activities to seek more advanced stage copper pro jects ahead of a strong copper
market.”
“Our partnership objective with Camino is to advance the Los Chapitos copper project towards a pre -feasibility
study over our initial investment period,” said Shinichiro Mita, General Manager of Nittetsu. “We see strong
geological and development potentia l at Los Chapitos and a dedicated group at Camino that is committed to
develop a copper business with us.”
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Exploration is expected to commence immediately in June to complete the plan for the first six-month instalment
period. The initial exploration program is planned to consist of mapping, geophysics, and road access to identify
and prepare high-priority drilling targets. In addition, the Company is anticipating the receipt of an expanded EIA
permit that will open more than 6,012 hectares for exploration drilling (see press release February 8, 2023).
The Los Chapitos Project is located in the IOCG belt of the Coastal Cordillera of northern Chile and southern Peru.
The Mina Justa IOCG copper mine is located approximately 100 km north of Los Chapitos in southern Peru and is
notably one of the world’s newest large scale copper producers behind Quellaveco (Peru) and Kamoa-Kakula
(DRC). Other major deposits in this IOCG belt include Mantoverde (Chile) and Candelaria (Chile) and there are
dozens of other smaller scale copper deposits (see Figure 1).
Figure 1. Copper rich IOCG deposits extending through southern Peru and northern Chile.
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About Nittetsu Mining Co., Ltd.
Nittetsu is a Japanese corporation listed on the Tokyo Stock Exchange with 84-year history as a mining and trading
company. Nittetsu is the operator of the Atacama Kozan mine located in the prolific Candelaria-Punta del Cobre
copper district which is known to host IOCG type ore deposits. In addition, Nittetsu has made a decision to start
construction of its 80% owned Arqueros copper mine in Chile. Nittetsu has expertise in processing, distributing,
importing, and exporting copper and other mineral products . Other businesses include : purchasing and
distributing coal and petroleum products; developing and distributing equipment, machinery and environment -
related products; real estate; power generation using renewable energy; the supply and sale of electricity ; and
mining and distributing industrial minerals including limestone.
About Camino Corporation
Camino is a discovery and development stage copper exploration company with a portfolio of projects located in
Peru. The Company is focused o n advancing its high -grade Los Chapitos copper project through to resource
delineation, new discoveries and development . Camino has also permitted the Maria Cecilia copper porphyry
project for a planned exploration drilling program. In addition, the Company has increased its land position at its
copper and silver Plata Dorada project. 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 inf ormation,
please refer to Camino’s website at www.caminocorp.com.
ON BEHALF OF THE BOARD For further information, please contact:
/S/ “Jay Chmelauskas” Camino Investor Relations
President and CEO [email protected]
Tel: (604) 493-2058
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.
Cautionary Note Regarding Fo rward 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 future exploration work at Los Chapitos, and the completion of a pre-feasibility study. 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, the ability of the parties to negotiate
the definitive earn-in and j oint venture agreement on satisfactory terms , that actual results of the Company’s
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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 app rovals 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.