LA.V · 2020-08-28 12:00:00

Los Andes Copper Ltd. Provides Update Regarding Its Environmental Approval

Permits & Approvals

News Release

August 28, 2020

N.R. 2020-10

LOS ANDES COPPER LTD. PROVIDES UPDATE REGARDING ITS

ENVIRONMENTAL APPROVAL

Vancouver, BC – Los Andes Copper Ltd. ("Lo s Andes" or the "Company", TSX Venture

Exchange: LA) has been informed that the Cour t of Appeals of Valparaiso - the Region

where the Company’s Vizcachitas Project (“Vizcachitas” or the “Project”) is located - has

granted a motion against the Servicio de Evaluación Ambiental (Environmental Evaluation

Service, “SEA”), in which the Court instructs the SEA to conduct a public consultation

process before finalizing the evaluation process of the environmental permit, which was

announced on April 27, 2020, for the upcoming drilling in the Project.

While the Company is not a party to this dis pute, this ruling affects the timing of the

upcoming drilling as the SEA may move to c onduct the public consultation process as

instructed by the Court of Appeals and/or may appeal the ruling before the Supreme

Court.

The Company estimates that the timing for the drilling campaign will depend on the actions

that the SEA takes and their outcome, which could delay the planned drilling at

Vizcachitas by an estimated six to eight months and ultimately, the completion of the Pre-

Feasibility Study (“PFS”).

At this point the Company does not antici pate that the expected delay in the upcoming

drilling will impact the overall timing for the development of the Project.

Further Information:

For more information please contact:

Fernando Porcile, Executive Chairman

Tel: +56 2 2954-0450

Antony J. Amberg, President & CEO

Tel: +56 2 2954-0450

Blytheweigh, Financial PR

Megan Ray

Rachael Brooks

Tel: +44 207 138 3203

E-Mail: [email protected] or visit our website

at: www.losandescopper.com

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.

The Project is a copper-molybdenum porphyry deposit, located 120 km 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 $1.8 billion and an IRR of 20.77%, based on a $3 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.

Additionally, there is significant exploration upside at Vizcachitas with potential to

increase the resource base beyond the initial 45-year mine life modeled in the PEA.

Los Andes Copper Ltd. is listed on the TSX-V under the ticker: LA.

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), Securiti es Act (Ontario) and the Securiti es Act (Alberta) (“Forward-Looki ng

Information”). Forward-Looking Information is often, but not al ways, identified by the use of wo rds 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. The Forward-Looking Information contained herein includes but is not

limited to, statements concerning the estimated delay to commence the drilling program and that su ch delay would not impact the

overall timing for the development of the Project; the PEA; and the potential to increase the resource base for the Project. Fo rward-

Looking Information involves known and unknown risks, uncertainti es 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, performanc e or

achievements expressed or implied by su ch Forward-Looking Information. Such risks and uncertainties include risks generally

encountered in the permitting and development of mineral projects such as unusual or unexpected geologic formations; negotiations

with government and other third parties; unanticipated metallurgical difficulties; delays associated with permits, approvals and permit

appeals; ground control problems; adverse weat her conditions; risks associated with l abour disturbances and availability of ski lled

labour and management; risks related to the potential impact of gl obal or national health concerns, including COVID-19; fluctuations

in the market prices of our principal commodities, which are cyclical and subject to substantial price fluctuations; and risks associated

with environmental compliance and changes in environmental legislation and regulation. Among the factors that have a direct bearing

on the Company’s future results of operations and financial conditi ons are changes in project para meters as plans continue to b e

refined, a change in government policies, competition, currency fluctuations and restrictions and technological changes, among other

things. The Forward-Looking Information is based upon the Company’s assumptions regarding global and Chilean economic, political

and market conditions and the price of meta ls and energy, and the Company's production. Should one or more of any of the

Field Code Ch

aforementioned risks and uncertainties material ize, or should underlying assumptions pr ove incorrect, actual results may vary

materially from any conclusions, forecasts or projections described in the Forward-Looki ng Information. Accordingly, readers a re

advised not to place undue reliance on Forward-L ooking Information. Except as requir ed 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.

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