Zürcher Nachrichten - Puquios Copper Project in Chile Satisfies USD$1.7M Bond Security for Key Water Management Infrastructure

Cuprum has satisfied its financial guarantee obligations, with a total bond of USD $1.7 million now in place. With the bond in place, the DGA has authorized construction of the water diversion infrastructure required to manage surface water around the mine and all the planned heap-leach and process plant facilities at Puquios. The authorization follows a technical review of the Project and confirms compliance with the applicable requirements under Chile's Water Code. The bond will be returned to Cuprum in full, once Cuprum completes the construction of the water infrastructure, and the DGA completes its inspection and certification.

Jay Chmelauskas, CEO of Camino said: "Satisfying the USD$1.7M guarantee bond, authorizes the construction of surface water infrastructure around the Puquios mine, in preparation of completing a potential Japanese sourced debt facility for the project. Through our 50/50 joint venture with Nittetsu Mining, Cuprum is continuing to progress the work required to move the project from its construction-ready stage towards mine development. Camino is currently working to complete administrative and commercial agreements with Nittetsu and the lender for what we believe will be very competitive terms for Japanese sourced debt, subject to the negotiation and execution of definitive agreements, lender approvals, satisfaction of applicable conditions and other customary matters."

Marcelo Bruna, CEO of Cuprum added: "Confirmation by the DGA of authorization to start construction of the surface water infrastructure is a key milestone to commence the construction phase of the Puquios mine. We are engineering and preparing the mine site for the start of construction. Chile has experienced heavy rain events over the last two months but the main Puquios site infrastructure, such as the earthworks foundations for the process plant design, has not been damaged. The DGA surface water infrastructure, once in place, is designed to allow continuous mine and plant operations and limit environmental disturbance or production impacts from heavy rainfall."

Operations Update

Recent heavy rainfall in the region has resulted in some localized road washouts at the Puquios project site. Cuprum is undertaking repairs, and confirms that the site's main infrastructure, including the earthworks associated with the planned plant site, has not been damaged. In addition, Barrick Gold is repairing washed out sections of the un-sealed highway from the town of Punta Colorada leading to Puquios, as part of their obligation and access to Pascua-Lama, so that heavy equipment traffic can resume. Site activities continue at Puquios, with engineering and administrative teams actively preparing for the commencement of construction.

Camino and Nittetsu continue to advance the final administrative and commercial arrangements for a proposed debt facility with a major Japanese financial institution to advance Puquios into construction.

About Camino

Camino is a discovery and development stage copper exploration company. Through Cuprum Resources Chile SpA, a 50/50 joint venture with Nittetsu Mining Co., Ltd., Camino is advancing the construction-ready Puquios copper project in Chile toward development and production. Camino is advancing its IOCG Costa de Cobre copper project located in Peru, a joint venture with Nittetsu Mining that Camino owns 65%, through to resource delineation and development, and to add new discoveries. Camino has also permitted the Maria Cecilia copper porphyry project for exploration discovery drilling to add to its NI43-101 resources. In addition, Camino has increased its land position at its copper and silver Plata Dorada project. Camino seeks to acquire a portfolio of advanced copper assets that have the potential to deliver copper into an electrifying copper intensive global economy. For more information, please refer to Camino's website at www.caminocorp.com.

Neither 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: Certain disclosures in this release constitute forward-looking information. In making the forward-looking disclosures in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. Forward-looking information in the release includes, without limitation, statements with respect to the expectation to receive a debt facility, the start of drawdown and construction of the Puquios Mine, prospectivity to grow the business with technology or otherwise. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking information in this release is subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information. Such risk factors include, among others, that actual results of the Company's exploration activities may be different than those anticipated by management; that geological interpretations, including the continuity or extent of mineralized bodies, may change with additional drilling; that the Company may not realize the benefits of joint ventures and/or strategic partnerships; that the Company may be unable to obtain or may experience delays in obtaining required permits, authorizations and approvals; operational and technical risks inherent in exploration; that the proposed debt facility may not be completed on the terms currently contemplated or at all; and risks related to the state of equity and commodity markets. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: Camino Minerals Corp.

View the original press release on ACCESS Newswire

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