Los Andes Copper - Response to Non-Material Litigation
Los Andes Copper - Response to Non-Material
Litigation
Vancouver, British Columbia--(Newsfile Corp. - December 12, 2022) - Los Andes Copper Ltd. (TSXV:
LA) (OTCQX: LSANF) ("Los Andes" or the "Company") wholly owned subsidiary Compañia Minera
Vizcachitas Holding ("CMVH") was notified, last Friday December 9, of a lawsuit filed by 24 individuals
in the Environmental Court.
The lawsuit relates, among other allegations, mainly to alleged environmental
damage resulting from 82 exploration drillholes carried out between 2007 and 2017.
The Company views this as a speculative and unfounded claim. All drilling has been carried out in
accordance with the law, with Environmental License No.12 of 2019 and, currently, with Environmental
License No. 14 of 2021.
The Company reiterates their full commitment to all environmental and social obligations.
The lawsuit will
be responded to in due course.
About Los Andes Copper Ltd.
Los Andes Copper Ltd. is an exploration and development company with an 100% interest in the
Vizcachitas Project in Chile. The Company is focused on progressing the Project, which is located along
Chile's most prolific copper belt, into production. Vizcachitas is one of the largest copper deposits in the
Americas not controlled by the majors and the Company believes it will be Chile's next major copper
mine.
The Project is a copper-molybdenum porphyry deposit, located 120 kilometres north of Santiago, in an
area of very good infrastructure. The Company's Preliminary Economic Assessment (the "PEA"),
delivered in June 2019, highlights that the Project has a post tax NPV of $2.7 billion and an IRR of
26.7%, based on a $3.50 per pound copper price. It also has a Measured Resources of 254.4 million
tonnes having a grade of 0.439% copper and Indicated Resource of approximately 1.03 billion tonnes
having a grade of 0.385% copper. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Please refer to the technical report dated June 13, 2019, with an
effective date of May 10, 2019 and titled "Preliminary Economic Assessment of the Vizcachitas Project",
prepared by Tetra Tech.
The PEA is preliminary in nature, it includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable them to
be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
Los Andes Copper Ltd. is listed on the TSX-V under the ticker: LA.
For more information please contact:
Santiago Montt, Interim CEO
Tel: +56 2 2954-0450
Elizabeth Johnson, Investor Relations
E-Mail:
or visit our website at:
www
.
losandescopper
.
com
Follow us on twitter
@LosAndesCopper
Follow us on LinkedIn
Los Andes Copper Ltd
Certain of the information and statements contained herein that are not historical facts, constitute
"forward-looking information" within the meaning of the Securities Act (British Columbia), Securities
Act (Ontario) and the Securities Act (Alberta) ("Forward-Looking Information").
Forward-Looking
Information is often, but not always, identified by the use of words such as "seek", "anticipate",
"believe", "plan", "estimate", "expect" and "intend"; statements that an event or result is "due" on or
"may", "will", "should", "could", or might" occur or be achieved; and, other similar expressions.
More
specifically, Forward-Looking Information involves known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of the Company, or industry
results, to be materially different from any future results, performance or achievements expressed or
implied by such Forward-Looking Information. Such Forward Looking Information includes, without
limitation, the timing of and ability to obtain TSX-V and other regulatory approvals and the prospects,
details related to and timing of the Vizcachitas Project. Such Forward-Looking Information is based
upon the Company's assumptions regarding global and Chilean economic, political and market
conditions and the price of metals and energy and the Company's production.
Among the factors that
have a direct bearing on the Company's future results of operations and financial conditions are
changes in project parameters as plans continue to be refined, a change in government policies,
competition, currency fluctuations and restrictions and technological changes, among other things.
Should one or more of any of the aforementioned risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from any conclusions,
forecasts or projections described in the Forward-Looking Information.
Accordingly, readers are
advised not to place undue reliance on Forward-Looking Information.
Except as required under
applicable securities legislation, the Company undertakes no obligation to publicly update or revise
Forward-Looking Information, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
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/147655