TSX Venture Symbol: COR
VANCOUVER, June 24, 2015 /CNW/ - Camino Minerals Corporation ("Camino" or the "Company") (COR: TSX-V) is pleased to report that it has sold Rojo Resources, a wholly owned Mexican subsidiary, to a private Mexican mining syndicate. Rojo Resources was incorporated to hold title to the exploration projects transferred as part of the Canplats transaction in 2010. The Company will receive total consideration of MXP 5,949,135 in monthly installments through December 22, 2015. In a separate transaction completed on May 19, 2015, the Company received proceeds of MXP 1,472,889 for the sale of certain assets to a private Mexican company. At current exchange rates, these two transactions have a combined value of approximately CDN$592,000.
The Company is also pleased to report on the progress at its Red Beds Project, Department of Cuzco, Peru. Field crews completed the property evaluation and have identified twelve beds of high-grade copper-silver mineralization: five in the northern portion of the property; three in the center portion; and four in the southern portion. These beds have a cumulative strike extent in excess of 25 kilometers, range in width from 0.3 to 3.0 meters, and generally range in grade from 0.5% to 5% copper, with 10 to 50 ppm silver. Local values range up to +10% copper and +100 ppm silver, with one high grade lens returning a value of 28% copper and 741 ppm silver.
Plans are underway to begin a Phase 1 drill program at Red Beds in Q3, 2015. An updated plan showing the location of the high grade beds and surface sampling is available on the Company's website.
Kenneth C. McNaughton, M.A.Sc., P.Eng., the President and Chief Executive Officer of the Company, is a Qualified Person (QP) and is responsible for the Red Beds Project exploration program.
About Camino Minerals Corporation
Camino is a discovery-oriented mineral exploration company. The Company is focused on the acquisition and development of high grade copper and precious metal projects. For more information, please refer to Camino's website at www.caminominerals.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 and Information
This News Release may contain "forward-looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continues," "estimates," "expects," and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information may include, but is not limited to, information with respect to our planned exploration activities, the adequacy of our financial resources, the estimation of mineral reserves and resources, results of future exploration and drilling. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information.
Such forward-looking statements and information 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, our 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 the countries in which we hold mineral properties, 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 our filings on SEDAR. We do not assume any obligation to update forward-looking statements and information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking statements and information.
SOURCE Camino Minerals Corporation
For further information: and investor inquiries, contact: Ken McNaughton, President and Chief Executive Officer, Phone (604) 566-8778, firstname.lastname@example.org, http://www.caminominerals.com