Environmental Assessment Approved for Atajo Drill Program and Warrants Exercised
September 12, 2017
Camino Minerals Corporation ("Camino" or the "Company") (COR: TSX-V) is pleased to report it has received notice that its Declaration de Impacto Ambiental ("DIA"), or Environmental Assessment, has been approved for a drill program on the Atajo Zone of its Los Chapitos project ("Chapitos"), located in southern Peru.
The DIA was completed as part of the permit application for 20 drill platforms at the Atajo Zone, which is located on a separate trend 6 kilometers southwest of the Adriana Zone. In addition, the Company has filed with the Public Registry a 2 year access agreement negotiated with the Community of Atiquipa ("Atiquipa") for all exploration activities on community lands, which cover the western half of Chapitos, including the Atajo Zone. The agreement commits the Company to fund community development projects of approximately US$30,000 in year 1 and US$35,000 in year 2. These documents, along with an Archeological Certificate, are in the process of being submitted to the Mining Ministry for authorization to initiate field activities.
On July 25, 2017, the Company gave notice for the acceleration of the expiry date of the outstanding share purchase warrants dated February 14, 2017. Each share purchase warrant was exercisable into one additional common share of the Company at a price of $0.25 per share until February 14, 2019 (the "Warrants"), subject to earlier expiry upon satisfaction of certain conditions. The expiry date of the Warrants was accelerated to September 11, 2017. All of the available 10,967,500 warrants have been exercised, generating proceeds to the Company of $2,741,875. The Company currently holds cash and cash equivalents of approximately $4,800,000.
Since diamond drilling began in mid-May at Chapitos, the Company has completed over 10,000 meters of drilling in 35 holes. Additional drilling is underway at both the Adriana and Katty Zones. A drill will be mobilized to the Atajo Zone as soon as the authorization to initiate activities is granted, which is expected in October.
Kenneth C. McNaughton, M.A.Sc., P.Eng., is the Qualified Person (QP) responsible for the Chapitos project.
Updated drill sections and a summary presentation can be found on the Company's website at www.caminominerals.com.
Camino is a discovery-oriented mineral exploration company. The Company is focused on the acquisition and development of high-grade copper and precious metal projects. For more information, please refer to Camino's website at www.caminominerals.com.
For further information and investor inquiries, contact:
President and Chief Executive Officer
Phone (604) 566-8778
Cautionary Note Regarding Forward-Looking Statements and Information
This News Release contains "forward-looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continues," "estimates," "expects," and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking information may include, but is not limited to, information with respect to our planned exploration activities, the adequacy of our financial resources, the estimation of mineral reserves and resources, the results of future exploration and drilling. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information.
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