The ALTPF: OTCQB
EDMONTON, Jan. 19, 2018 /CNW/ - Altiplano Minerals Ltd. (TSX-V:APN) (OTCQB:ALTPF) (FWB:9AJ1) ("APN" or the "Company") is pleased to announce that it has commenced shipment of material from its ongoing initial bulk sampling program at the historic Farellon Copper-Gold Mine near La Serena, Chile, to a government-owned regional toll mill for processing.
The initial bulk sampling program aims to extract and process 2,000 tonnes of Cu-Fe-Au mineralized vein material from the 395M exploration level, which is 50 metres below the historic Farellon Mine workings. To date, APN has extracted approximately 1,700 of the 2,000 tonnes; shipped 600 tonnes for processing; and expects to continue shipping 50-100 tonnes per day for processing until the program is complete.
APN will compare results from this initial 2,000 tonne bulk sample with chip sample results released January 9, 2018 and with results of the 2017 drill programs in order to make further refinements in the extraction process before undertaking a 5,000 tonne bulk sample program. This assessment will also feed into an independent resource report commissioned January 15, 2018.
CEO John Williamson stated, "Our team is excited about the potential that we are rapidly uncovering at the historic Farellon Copper-Gold Mine and about the prospects of applying our experience to accelerate the development there, as well as at the historic Maria Luisa Copper-Gold Mine. Upon completion of the current 2,000 tonne program, we intend to carry out a further 5,000 tonne bulk sample program in order to assess the processes and costs of extracting and delivering 5,000 tonnes per month. We look forward to advancing these projects and to delivering results for our shareholders in 2018 and beyond."
During January 2018, APN is continuing to review and implement upgrades in safety infrastructure, including: purchase and installation of a new 360 metre air ventilation system; construction of a 50 metre escapeway and vent raise from the 325M level of the Hugo Tunnel up to the historic Alemendro Tunnel; and institution of air quality monitoring procedures. In addition, older leased mining equipment is being replaced with newer equipment for increased reliability and potentially higher work volumes. APN has also retained technical consultants to work with our local underground mining contractors to increase productivity by implementing longer drill lengths, optimal blasting patterns and other improvements.
All such activities, including receipt of the bulk sample program and the other ongoing initiatives, are being carried out with a view to determining the potential value and possible mining activities that would be considered as part of a decision to carry out further steps, including a possible future production decision. There is additional risk in carrying out a bulk sampling program where there are no resources or reserves, notwithstanding that the property is a past small producer.
As part of its ongoing work program, Altiplano is carrying out the recommendations contained in the APEX Report of February 10, 2017 filed on SEDAR for the exploration development of the Farellon project and is also relying upon past production records, underground sampling and related activities and current diamond drilling to estimate grade and widths of the mineralization. There are no mineral resources or reserves on the property and the current mineral exploration activities are intended to be part of a program to determine if mineral resources can be identified. On completion of the current program, the Company intends to provide an update of the results obtained.
No production decision has been made at this time. Should a production decision be made without completing a feasibility study demonstrating economic and technical viability, there would be increased uncertainty as well as economic and technical risks of failure associated with such a production decision.
Osbaldo Zamora Vega, P.Geol., Vice President of Exploration for Altiplano, is the Qualified Person as defined in National Instrument 43-101 who has reviewed and approved the technical contents of this press release.
Altiplano Minerals Ltd. (APN: TSX‐V) is a mineral exploration company focused on evaluating and acquiring projects with significant potential for advancement from discovery through to production, in Canada and abroad. Management has a substantial record of success in capitalizing opportunity, overcoming challenges and building shareholder value. Additional information concerning Altiplano can be found on its website at www.altiplanominerals.com.
ON BEHALF OF THE BOARD
/s/ "John Williamson"
President and CEO
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.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
SOURCE Altiplano Minerals
For further information: Jeremy Yaseniuk, Director, [email protected], Tel: (604) 773-1467