Camino Corp Completes Acquisition of 100% Ownership Interest in the Los Chapitos Copper Discovery
Camino Corp Completes Acquisition of 100%
Ownership Interest in the Los Chapitos Copper
Discovery
Vancouver, British Columbia--(Newsfile Corp. - July 2, 2020) -
Camino Corp.
(TSXV: COR) (OTC
PINK: 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
/
S/ "Jay Chmelauskas"
President and CEO
For further information, please contact:
Camino Investor Relations
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/59031