Cordoba Minerals to Drill a Copper Porphyry Target
Toronto, Ontario--(Newsfile Corp. - August 27, 2018) - Cordoba Minerals Corp.(TSXV: 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
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