- TSX.V: CDB $1.30
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Cordoba Minerals to Drill a Copper Porphyry Target
TORONTO, ONTARIO, August 27, 2018: Cordoba Minerals Corp. (TSX-V:CDB; OTCQX:CDBMF) (“Cordoba” or the “Company”) today announces that the Company, through its wholly-owned subsidiary Cordoba Minerals (USA) Corp., has entered into a joint venture and earn-in agreement (the “Joint Venture Agreement”) with Bell Copper Corporation (TSXV: BCU) (“Bell Copper”) and certain of its wholly-owned subsidiaries, to explore the copper porphyry project located in northwestern Arizona, USA (the “Arizona Copper Project”), which is drill-ready with initial drilling expected to commence in the coming weeks.
“Cordoba is pursuing an opportunity with the full support of High Power Exploration to drill test a copper porphyry target situated along the Arizona Volcanic Arc. This significant region has provided between 50-70% of the American copper supply over the last 100 years,” commented Mario Stifano, President and CEO of Cordoba Minerals.
Joint Venture Agreement
Pursuant to the terms of the Joint Venture Agreement, and as part of the initial commitment to the project, Cordoba will subscribe for 2,857,143 units of Bell Copper on a private placement basis at a price of C$0.07 per unit. Each unit will consist of 1 common share in the capital of Bell Copper and 1 common share purchase warrant, with each warrant exercisable at a price of C$0.105 per share for a period ending 12 months from the date of issuance. The warrants are subject to a mandatory exercise in the event that, at any time prior to the expiry of the warrants, Bell Copper’s common shares trade at or above $0.14 for 30 consecutive trading days. Following the completion of the unit private placement, but prior to the exercise of any warrants, Cordoba will own approximately 4% of Bell Copper on a non-diluted basis.
In addition to the unit subscription, Cordoba will also fund C$300,000 in cash for initial drilling expenditures at the Arizona Copper Project.
Following the completion of the initial drilling program, Cordoba will have the option to earn up to an 80% interest in the Arizona Copper Project (by way of acquisition of membership interests in the joint venture company MMDEX LLC, a wholly-owned indirect subsidiary of Bell Copper) by completing certain phased project expenditures over a 7.5 year period as follows:
- Phase 1 C$1M within 18 months to earn 25% interest
- Phase 2 Additional C$3M within subsequent 2 years for 51% interest
- Phase 3 Additional C$3M within subsequent 2 years for 70% interest
- Phase 4 Additional C$10M within subsequent 2 years for 80% interest
The completion of the transactions contemplated by the Joint Venture Agreement remain subject to, among other things, the receipt of all required approvals from the TSX Venture Exchange (“TSXV”) by each of Bell Copper and Cordoba, and Bell Copper shareholder approval.
Technical Information & Qualified Person
The technical information in this release has been reviewed and verified by both Dale A. Sketchley and Eugene Schmidt, both Qualified Persons for the purpose of National Instrument 43-101.
Mr. Sketchley is a consulting geologist to Cordoba Minerals with more than 40 years of experience in the mineral exploration, mining and consulting industry. He is a Member of the Association of Professional Engineers and Geoscientists of British Columbia (APEGBC) and the Canadian Institute of Mining and Metallurgy (CIMM). Mr. Sketchley is considered independent under National Instrument 43-101.
Mr. Schmidt is Cordoba’s Vice President of Exploration with more than 50 years’ experience as a geologist focused on mineral exploration, mining and industry consulting, 30 of which he has specialized in the southwest United States, Chile and Peru porphyry copper provinces. He is an SME Registered Member #4025503RM and Registered Geologic Engineer #227 (Washington).
Mr. Schmidt is not considered to be independent under National Instrument 43-101.
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 the Americas. Cordoba is currently focused on its 100%-owned San Matias Copper-Gold Project, which includes the advanced-stage Alacran Deposit, located in the Department of Cordoba. For further information, please visit www.cordobaminerals.com.
ON BEHALF OF THE COMPANY
Mario Stifano, President and CEO
Cordoba Minerals Corp.
For further information, please contact:
Evan Young, Director, Investor Relations
Phone: +1 (647) 808-2141
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, that future exploration could result in the discovery of a significant copper porphyry deposit; that Cordoba will fully execute its option to earn into an 80% interest in the Arizona Copper Project; the completion of the unit subscription; the completion of the drilling program; and the receipt of TSXV approval Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "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.
Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Cordoba operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. 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. Important factors that could cause actual results to differ materially from the Company's expectations include actual exploration results, interpretation of metallurgical characteristics of the mineralization, 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, including those described under the heading “Risks and Uncertainties” in the Company’s most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law. Readers are cautioned not to put undue reliance on these forward-looking statements.