Chilean Metals adds equity before Zulema drilling commences.
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Chilean Metals adds equity before Zulema drilling commences.
Toronto, ON. December 23 2016. Chilean Metals Inc. (“Chilean Metals,” “CMX” or the
“Company”) (TSX.V:CMX, OTCQB: CMETF, SSE:CMX, MILA: CMX).
Chilean Metals has accepted private placements on $600,000 worth of equity investment at $0.15
per share. All securities issued under the private placement will be subject to a four -month hold
period in accordance with applicable securities laws.
Terry Lynch Chilean C hairman commented “Completion of this placement will insure we have
adequate funds to complete the first round of drilling on Zulema . It is a Copper Gold target that is
analogous to the nearby Candelaria mine since previous drilling demonstrated the presence of a
similar style sulphide system. Pervasive alteration, skarnification and widespread copper and gold
bearing sulphides in magnetiferous andesitic rocks further support a geologic model similar to
Candelaria. Our primary target is a n intensely skarned hydrothermal breccia with wid espread
disseminated copper.”.
Lynch commented further. “We have signed our drilling contractor and will commence drilling in
early January. We expect program to take approximately 45 days from commencement of drilling.
We will be providing additional det ails on our program in early January just prior to drill
commencement”
At the request of the TSXV we would like to provide additional disclosure on two previously
announced items.
Firstly We wish to confirm share for debt noted in 11/14/2016 release was approved by TSX-V
and completed (The Company also wished to advise that it has agreed to convert $174,013 of
currently due debentures into common shares at $0.15 per share through the issuance of 1,160,085
shares, subject to regulatory approval.)
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Secondly we wish to provide additional disclosure on our retention of Michael Baybak as an
Investor Relations advisor to the company. Mr. Baybak was retained on July 4, 2016 for an original
contract period of six months at a rate of $7,000 USD per month. In addition he was granted 200,000
options which vest 50,000 options every three month. The options have a five year life and were
exercisable at $.15 per share.
Chilean Metals will require regulatory approval to complete the private placement.
About Chilean Metals
www.chileanmetals.com/
Chilean Metals Inc. is a Canadian Junior Exploration Company focusing on high potential Copper
Gold prospects in Chile & Canada.
Chilean Metals Inc is 100% owner of five properties comprising over 50,000 acres strategically
located in the prolific IOCG (“Iron oxide -copper-gold”) belt of northern Chile. It also owns a 3%
NSR royalty interest on any future production from the Copaqui re Cu-Mo deposit, recently sold to
a subsidiary of Teck Resources Inc. (“Teck”). Under the terms of the sale agreement, Teck has the
right to acquire one third of the 3% NSR for $3 million dollars at any time. The Copaquire property
borders Teck’s producing Quebrada Blanca copper mine in Chile’s First Region.
Chilean Metals Inc is the 100% owner of four Copper Gold exploration properties in Nova Scotia
on the western flank of the Cobequid-Chedabucto Fault Zone (CCFZ); Fox River, Parrsboro, Lynn
and Bass River respectively. Initial targeting and geophysics has been conducted on all properties,
At Bass River North, airborne geophysics identified a major VTEM cluster on trend with the
Pb/Zn/Ag mineralization exposed at surface and in drill holes to the southwest. Modeling of the
airborne data by Minotaur (Australia) identified 3 priority targets recommended for ground based
geophysics prior to drilling.
ON BEHALF OF THE BOARD OF DIRECTORS OF
Chilean Metals Inc.
“Terry Lynch”
Terry Lynch, Chairman
Contact: [email protected]
The Qualified Person for Chilean Metals Inc., as defined by National Instrument 43 -101, is Gary
Lohman, P. Geo., Vice President, Exploration.
Forward-looking Statements: This news release may contain certain statements that may be deemed
"forward-looking statements". All statements in this release, other than statements of historical fact,
that address events or developments that CMX expects to occur, are forward looking statements.
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Forward-looking statements are statements that are not historical facts and are generally, but not
always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. Forward -looking statements in this document include statements
regarding current and future exploration programs, activities and results. Although CMX believes
the expectations expressed in such forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual results may differ materially
from those in forward -looking statements. Factors that could cause the actual results to differ
materially from those in forward-looking statements include market prices, exploitation and
exploration success, continued availability of capital and financing, inability to obtain required
regulatory or governmental approvals and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future performance and actual
results or developments may differ materially from those projected in the forward looking
statements.
Neither the 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.