- TSX.V: CDB $0.09
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Cordoba Minerals Announces Exercise of $1.5 million in Warrants held by High Power Exploration
TORONTO, CANADA, February 29, 2016: Cordoba Minerals Corp. ("Cordoba") (TSX-V: CDB), is pleased to announce that High Power Exploration Inc. ("HPX"), a private mineral exploration company indirectly controlled by mining entrepreneur Robert Friedland, has fully exercised its three-year, C$0.20-per-share warrants granted on June 17, 2015, providing Cordoba with proceeds of C$1,460,000.
"The early exercise of warrants by HPX is a strong vote of confidence in our highly prospective San Matias Copper Gold Project in Colombia, where we believe the potential exists to find a world-class discovery. We have a tremendous partner in HPX, that is leveraging its leading-edge, proprietary geophysical technology at San Matias with an experienced team of explorationists who, collectively, have discovered numerous significant orebodies," commented Mr. Stifano, President and CEO of Cordoba.
With the exercise of the warrants, HPX now has control over approximately 32.4 million common shares, representing 37.3% of the issued and outstanding common shares of Cordoba.
About San Matias Project
The newly discovered San Matias Copper-Gold Project in Colombia comprises a 20,000-hectare land package on the inferred northern extension of the prolific and richly-endowed Mid Cauca Belt. The San Matias Project area contains several known areas of porphyry copper-gold mineralization, copper-gold replacement or skarn style and vein-hosted gold-copper mineralization. Porphyry mineralization at the San Matias Project incorporates high-grade zones of copper-gold mineralization hosted by diorite porphyries that contain strong potassic-style alteration and various orientations of sheeted and stockwork quartz-magnetite veins with chalcopyrite-bornite mineralization and minor zones of K-feldspar within vein margins and secondary biotite. The copper-gold replacement or skarn-style mineralization is associated with stratabound replacement of a marine volcano-sedimentary geological sequence in the core of a faulted antiformal fold structure. The nature of mineralization and related alteration encountered at San Matias is similar to other large, high-grade copper-gold deposits.
About Cordoba Minerals
Cordoba Minerals Corp. is a Toronto-based mineral exploration company focused on the exploration and acquisition of copper and gold projects in Colombia. Cordoba currently owns 100% of the highly prospective San Matias Project, located near operating open-pit mines with ideal topography in the Department of Cordoba. Cordoba has entered into an agreement with HPX, whereby HPX can earn up to a 65% interest in the San Matias Project by carrying the project to feasibility. For further information, please visitwww.cordobaminerals.com.
Mario Stifano, President and CEO
Phone: +1 416-862-5253
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the potential of the Company's properties are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.