Environmental Approval Received for Upcoming Drilling Campaign at Vizcachitas
Vancouver, British Columbia--(Newsfile Corp. - April 27, 2020) - Los Andes Copper Ltd. (TSXV: LA) ("Los Andes" or the "Company") is pleased to announce that it has received approval from the Regional Environmental Committee (Comision de Evaluacion Ambiental) for drilling to be carried out at the Company's Vizcachitas Project ("Vizcachitas" or the "Project") over the next four years.
The Regional Environmental Committee unanimously approved the drilling permit application submitted by Compañia Minera Vizcachitas Holding, the wholly-owned subsidiary of Los Andes that owns the Vizcachitas Project. This approval contemplates up to 350 drill holes to be completed on up to 124 platforms over the next four years.
The approval covers the required drilling to complete the Pre-Feasibility Study, which is currently underway. Additionally, it covers further exploration drilling and any other drilling that the Project may require as its development advances.
Fernando Porcile, Executive Chairman of Los Andes, commented:
"I am delighted to have received unanimous approval from the Regional Environmental Committee for future drilling at Vizcachitas over the next four years."
"We are continuing to progress the Pre-Feasibility Study ("PFS") and this approval will allow us to carry out further PFS drilling in the coming months, completing certain aspects of the study and therefore contributing to the delivery of a robust PFS."
"I look forward to keeping the market up to date with our progress."
For more information please contact:
Fernando Porcile, Executive Chairman Tel: +56 2 2954-0450
Antony J. Amberg, President & CEO Tel: +56 2 2954-0450
Blytheweigh, Financial PR Tel: +44 207 138 3203
About Los Andes Copper Ltd.
Los Andes Copper Ltd. is an exploration and development company with an 100% interest in the Vizcachitas Project in Chile. The Company is focused on progressing the Project, which is located along Chile's most prolific copper belt, into production. Vizcachitas is one of the largest copper deposit in the Americas not controlled by the majors and the Company believes it will be Chile's next major copper mine.
The Project is a copper-molybdenum porphyry deposit, located 120 km north of Santiago, in an area of very good infrastructure. The Company's Preliminary Economic Assessment (the "PEA"), delivered in June 2019, highlights that the Project has a post tax NPV of $1.8 billion and an IRR of 20.77%, based on a $3 per pound copper price. It also has a Measured Resources of 254.4 million tonnes having a grade of 0.439% copper and Indicated Resource of approximately 1.03 billion tonnes having a grade of 0.385% copper. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to the technical report dated June 13, 2019, with an effective date of May 10, 2019 and titled "Preliminary Economic Assessment of the Vizcachitas Project", prepared by Tetra Tech.
The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
Additionally, there is significant exploration upside at Vizchachitas with potential to increase the resource base beyond the initial 45-year mine life.
Antony Amberg, the Company's President and CEO, is the qualified person who has reviewed and approved the scientific and technical information contained in this news release.
Los Andes Copper Ltd. is listed on the TSX-V under the ticker: LA.
Certain of the information and statements contained herein that are not historical facts, constitute "forward-looking information" within the meaning of the Securities Act (British Columbia), Securities Act (Ontario) and the Securities Act (Alberta) ("Forward-Looking Information"). Forward-Looking Information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend"; statements that an event or result is "due" on or "may", "will", "should", "could", or might" occur or be achieved; and, other similar expressions. More specifically, Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such Forward-Looking Information; including, without limitation, the achievement and maintenance of planned production rates, the evolving legal and political policies of Chile, the volatility in the Chilean economy, military unrest or terrorist actions, metal and energy price fluctuations, favourable governmental relations, the availability of financing for activities when required and on acceptable terms, the estimation of mineral resources and reserves, current and future environmental and regulatory requirements, the availability and timely receipt of permits, approvals and licenses, industrial or environmental accidents, equipment breakdowns, availability of and competition for future acquisition opportunities, availability and cost of insurance, labour disputes, land claims, the inherent uncertainty of production and cost estimates, currency fluctuations, expectations and beliefs of management and other risks and uncertainties, including those described in Management's Discussion and Analysis in the Company's financial statements. Such Forward-Looking Information is based upon the Company's assumptions regarding global and Chilean economic, political and market conditions and the price of metals and energy, and the Company's production. Among the factors that have a direct bearing on the Company's future results of operations and financial conditions are changes in project parameters as plans continue to be refined, a change in government policies, competition, currency fluctuations and restrictions and technological changes, among other things. Should one or more of any of the aforementioned risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the Forward-Looking Information. Accordingly, readers are advised not to place undue reliance on Forward-Looking Information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise Forward-Looking Information, whether as a result of new information, future events or otherwise.
Neither 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.
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