Camino Signs Earn-in and Joint Venture Letter of Intent with Nittetsu Mining for the Los Chapitos Copper Project, Peru
LEGAL*58043150.2
Camino Signs Earn-in and Joint Venture Letter of Intent with Nittetsu
Mining for the Los Chapitos Copper Project, Peru
Vancouver, February 1, 2023 – Camino Cor p. (TSXV: COR) (OTC: CAMZF) (WKN: A116E1) (“ Camino” or the
“Company”) is pleased to announce that on January 31, 2023, it has entered into a non-binding Letter of Intent
to partner with Nittetsu Mining Co., Ltd. (“Nittetsu”) at its Los Chapitos copper exploration project (“Los Chapitos”
or the “Project”) in Peru. Nittetsu operates the Atacama Kozan copper mine located in northern Chile that was
developed from an Iron Oxide Copper Gold (“IOCG”) deposit style similar to Camino’s Los Chapitos Copper Project.
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, infill drilling, and metallurgical and engineering
studies. Camino will remain the operator of the Project.
“Nittetsu is the operator of the Atacama Kozan mine located in the prolific Iron Oxide Copper Gold belt in Chile,
next to one of the world’s largest IOCG copper mines, Candelaria,” said Jay Chmelauskas, CEO of Camino. “ Our
Japanese partners have extensive mining and geological exploration expertise in a renowned IOCG belt to bring
to our southern Peru location. There has been growing interest in southern Peru as an under -explored IOCG
mining district and Nittetsu has recognized our Los Chapitos Project as one of the most advanced exploration
projects in this coastal cordillera region.”
Nittetsu will have exclusivity to complete due diligence and enter into a Definitive Agreement by the end of April
2023. Unless mutually extended, the Letter of Intent will terminate at the end of April 2023.
Key Terms:
• Nittetsu to pay Camino CAD $100,000 upon signing the Letter of Intent for three months of
exclusivity to complete further due diligence.
• Nittetsu to pay Camino CAD $1,000,000 upon execution of a Definitive Agreement to be
entered by the end of April 2023.
• 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.
• 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.
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.).
The proposed transaction is at arm’s length and the Company will pay a finder’s fee upon completion of the
transaction.
LEGAL*58003188.2
Suite 1780 – 555 Hastings Street 604-493-2058
Vancouver, BC V6B 4N4, Canada www.caminocorp.com [email protected]
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Figure 1. Copper rich IOCG deposits extending through southern Peru and northern Chile
LEGAL*58003188.2
Suite 1780 – 555 Hastings Street 604-493-2058
Vancouver, BC V6B 4N4, Canada www.caminocorp.com [email protected]
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About Nittetsu Mining Co., Ltd.
Nittetsu is a Japanese corporation listed on the Tokyo Stock Exchange with over a 100-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. 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.
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 on 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 information,
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 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 Letter of
Intent and the prospect of a definitive agreement being entered into, the prospectivity of future exploration work
at Los Chapitos, metallurgical recoveries, and amenability for heap-leach mining. 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 nume rous 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 joint venture agreement on satisfactory terms, 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
LEGAL*58003188.2
Suite 1780 – 555 Hastings Street 604-493-2058
Vancouver, BC V6B 4N4, Canada www.caminocorp.com [email protected]
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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 an y forward -looking statements whether as a result of new
information, future events or otherwise, except as required by law.