Camino Minerals Corporation (“Camino” or the “Company”) (COR: TSX-V), is pleased to announce the signing of an option agreement with Messrs. Máximo Roger Barrios, Carlos Eduardo Barrios, and Roger Alejandro Barrios (collectively the “Vendors”), pursuant to which the Company can acquire a 100% interest in the Red Beds copper and silver project (“Red Beds” or the “Property”) located in the Department of Cuzco, Peru.
The Property consists of three mineral concessions covering 2,500 hectares (6,175 acres) and is located approximately 150 kilometers south-east of the city of Cuzco, about 2.5 hours’ drive on paved highway. The region is covered by hematite rich marine sediments, locally consisting of dolomitic mudstone, siltstone and sandstone. On the Property, there are at least 5 sub-parallel mineralized beds, ranging in thickness from 0.4 meters to 3.0 meters which are exposed over lengths of 1 to 5 kilometers. The mineralized beds are visually distinct from the surrounding rocks due to their bleached apple green color resulting from moderate to intense albite-quartz-chlorite alteration. Within these beds, aggregates of primary chalcocite and secondary malachite mineralization are intergrown with the albite-quartz alteration. Prospecting along strike of the mineralization has returned values ranging from 0.9% copper to 11.3 % copper, and from 7.0 gpt silver to 106 gpt silver.
Under the terms of the option agreement, Camino has agreed to pay a total of US$280,000 in staged cash payments as follows:
|Date for Option Payment||Amount USD$|
|On execution of the option agreement (paid)||$40,000|
|Upon final registration of the claims||$40,000|
|12 months after the date of the final registration of the claims||$100,000|
|24 months after the date of the final registration of the claims||$100,000|
The completion of the option remains subject to receipt of all necessary regulatory approvals,
including the approval of the TSX Venture Exchange.
Kenneth C. McNaughton , M.A.Sc., P.Eng., is the Qualified Person (QP) responsible for the Red Beds Project exploration program.
About Camino Minerals Corporation
Camino is a discovery-oriented mineral exploration company formed in connection with Goldcorp’s C$300-million acquisition of Canplats Resources Corp. The Company is led by Canplats’ former management and is focused on the acquisition and development of high grade copper gold projects in Peru. For more information on the Red Bed Project, please refer to Camino’s website at www.caminominerals.com
For further information, contact:
Corporate Information and Investor Inquiries:
R.E. Gordon Davis
Chairman and C.E.O.
Direct: (604) 629-8292
http://www.caminominerals.com To receive Camino’s news releases, email email@example.com.
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.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this news release that are not historical fact are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and forward-looking information under the provisions of Canadian securities laws (collectively, “forward-looking statements”). Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the company’s ability to raise sufficient capital to fund exploration, changes in economic conditions or financial markets, changes in prices for the company’s mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Mexico, technological and operational difficulties or inability to obtain permits encountered in connection with exploration and development activities, labour relations matters, and changing foreign exchange rates, all of which are described more fully in Camino’s filings on SEDAR. The company undertakes no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.