LIMA, Peru, Sept. 29 /CNW/ -- Loreto Resources Corporation (OTC Bulletin Board: LRTC; "Loreto") is pleased to announce it has entered into a nonbinding agreement to acquire up to 70% of an advanced exploration copper project in the department of Apurimac in Peru ("the Project").
The Project containing a NI 43-101 compliant inferred copper resource of over 150 million tonnes with an additional molybdenum credit, is now ready to commence confirmatory drilling and feasibility work in preparation for planned development. Loreto has entered into an exclusivity period and has commenced its due diligence on the Project. Loreto will earn into 70% of the project through a combination of cash payments to the Seller and investment commitments totaling US$ 25 million over a period of approximately two years.
"We are very excited to have the opportunity to participate in this copper project. We know the project well and believe that it offers an opportunity to delineate a smaller, higher-grade zone that can be fast-tracked into development enabling it to accrue value more quickly while continuing exploration in exciting new areas of the deposit. In the meantime, and as part of our overall growth strategy, we continue to work on near term cash flow opportunities," said Luis Saenz, President and CEO of Loreto.
About Loreto Resources Corporation
Loreto Resources Corporation is an early stage, mining company currently pursuing a business strategy in the mining sector in South America, with an initial focus on identifying and acquiring mining opportunities in Peru and Colombia.
Certain statements in this news release are forward-looking. These statements are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management, including, but not limited to, the Company's belief that it can identify corporate acquisition and/or joint venture opportunities in the mining sector in Peru and, more generally, in South America, and that the Company can establish the technical and managerial infrastructure and raise the necessary capital to take advantage of, and successfully participate in such opportunities. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission.
SOURCE LORETO RESOURCES CORPORATION
For further information: For further information: Luis Saenz, President, Loreto Resources Corporation, +51-1-993-47-6011