Regulus Resources Announces Agreements for Collaborative Exploration at Antakori Copper-Gold Project, Peru
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/18/16 -- Editor's Note: There are two images associated with this press release.
Regulus Resources Inc. ("Regulus") (TSX VENTURE: REG) is pleased to announce that its wholly owned Peruvian subsidiary, Southern Legacy Peru S.A.C. ("SLP-Regulus"), has entered into binding Memorandum of Understanding ("MOU") agreements with Compania Minera Coimolache S.A. ("Coimolache") and Compania Minera Colquirrumi S.A. ("Colquirrumi"), companies that hold mineral concessions immediately adjacent to, and inter-fingering with, the SLP-Regulus AntaKori copper-gold project in northern Peru. These agreements will allow for mutual access, mutual rights of expansion and collaborative exploration of the project area, providing benefit to all three parties.
John Black, Chief Executive Officer of Regulus, commented as follows:
"When we acquired the AntaKori copper-gold project by means of the amalgamation with Southern Legacy Peru, we knew we were on to an exceptionally good opportunity to define a major new copper-gold discovery. However, we were faced with a significant challenge due to the fragmented pattern of mining concession ownership. We are very excited that these agreements will now set the stage for collaborative exploration for the first time in the long history of the project area. All three parties will remain autonomous but will be able to work together to better determine the full extent and economic importance of copper-gold mineralization that is already extensive but has been only partially defined to date. Over the next several weeks our technical and community relations teams will be sitting down with their counterparts from Coimolache and Colquirrumi to develop exploration plans for the upcoming field season. A significant benefit of the agreements is that we will be able to present a more comprehensive and complete project plan to the local communities and very likely advance the exploration activities more quickly, with drilling likely to commence before the end of this year."
Coimolache MOU Agreement
Compania Minera Coimolache S.A. ("Coimolache") is a mining company that owns and operates the Tantahuatay gold-silver mine immediately adjacent to the southern margin of the SLP-Regulus AntaKori project (Figure 1). The principal shareholders of Coimolache are Compania de Minas Buenaventura S.A.A. ("Buenaventura" - 40% and operator) and Southern Peru Copper S.A.A. ("SPC" - 44%). The Coimolache MOU agreement allows for mutual access, mutual rights of expansion and collaborative exploration with a principal objective of determining the size and nature of the AntaKori copper-gold deposit and a secondary objective of allowing the expansion of Coimolache's Tantahuatay mine by way of lay-back onto SLP-Regulus mining concessions. The MOU is binding and the parties will use best efforts to enter into a Definitive Agreement ("DA") prior to December 31, 2016. The key components of the agreement are as follows:
Colquirrumi MOU Agreement
Compania Minera Colquirrumi S.A. ("Colquirrumi") is a wholly owned subsidiary of Buenaventura. The Colquirrumi MOU agreement allows SLP-Regulus an option to earn-in to up to a 70% interest in a large area of Colquirrumi mining concessions located immediately to the north and east of the SLP-Regulus AntaKori mining concessions (Figure 2) and also providing Colquirrumi with an option to claw-back to a 70% interest by making a cash payment to SLP-Regulus. The MOU is binding and the parties will use best efforts to enter into a Definitive Agreement prior to December 31, 2016. The key components of the agreement are as follows:
AntaKori Project
The flagship project for SLP-Regulus is the AntaKori Cu-Au-Ag project in northern Peru. This project has a 43-101 inferred resource of 294 million tonnes grading 0.48% Cu and 0.36 g/t Au (please refer to Southern Legacy news release of July 3, 2012). The resource is based on only 17,000 m of drilling, is only reported for the portion of the mineralized system that is owned or controlled by SLP-Regulus, and is open for expansion in several directions.
The AntaKori project is located 60 km north of the city of Cajamarca in the Hualgayoc District, northern Peru. The project is located in a world-class Au-Cu province which hosts a number of nearby deposits:
Highlights of the AntaKori project include the following:
Qualified Persons
The scientific and technical data contained in this news release pertaining to the AntaKori project has been reviewed and approved by John E. Black, Regulus' CEO, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.
About Regulus Resources Inc.
Regulus Resources Inc. is an international mineral exploration company run by an experienced technical and management team, with a portfolio of precious and base metal exploration properties located in North and South America. For further information on Regulus Resources Inc., please consult our website at .
Neither the 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.
Forward-Looking Information
Certain statements regarding Regulus, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus' control. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Specifically, and without limitation, all statements included in this press release that address activities, events or developments that Regulus expects or anticipates will or may occur in the future, including the proposed exploration and development of the AntaKori project described herein, and management's assessment of future plans and operations and statements with respect to the completion of the anticipated exploration and development programs, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus' control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Regulus believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.
The forward looking statements contained in this press release are made as of the date hereof and Regulus does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities law.
To view the images associated with this press release, please visit the following link:
Contacts:
Regulus Resources Inc.
John E. Black
CEO / Director
+1 720 514-9036
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Datum: 18.05.2016 - 20:01 Uhr
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