EDMONTON, Aug. 8, 2018 /CNW/ - Altiplano Metals Inc. (APN:TSXV) (ALTPF:OTCQB) (9AJ1:GER) ("APN" or the "Company") is pleased to report on progress at the historic Farellon Copper-Gold Mine ("Farellon") near La Serena, Chile.
CEO John Williamson stated, "Our in-country team continues to advance exploration at Farellon with the goal of developing a long term plan. As new observations and data have become available, we have been continually evaluating extraction methods and processing options to form a basis for future economic studies to assess the potential for scalable extraction scenarios, as well as the possibility of initiating commercial operations. In order to complete the detailed studies, we will drive a ramp up to the 414M level to the northeast above the 395M level and to the 365M level. This will allow us to test the extent and vertical continuity of a wide high-grade zone located within the last 100 metres of our exploration to date, which will lead us closer to a production decision. Over the last quarter we have extracted an average of 3,200 tonnes per month, and anticipate extracting 4,800 tonnes in July."
With the discovery of wider Cu-Au mineralized zones in the northeast 395M level, the Company has also recommenced advancement of the Hugo decline to the northeast to gain access to the wider zone with the goal of intersecting the Farellon vein system up to 50 m below the current development.
During June, 2018 the Company completed extraction of its second 5,000 t bulk sample at Farellon. Of the 14,100 total tonnes of Cu-Au mineralized vein material extracted from Farellon to date, the Company has shipped 6,250 tonnes to a government processing facility and contracted two separate private processing facilities to process an aggregate of approximately 3,050 additional tonnes. Between the government and private processing facilities, 9,300 tonnes have been processed to date and Cu-Au concentrate has been shipped for sale. The Company has 6,000 tonnes of extracted Cu-Au mineralized vein material that remain stockpiled for processing.
The Company has been comparing technical results between the government and private processing facilities. Processing of the 3,050 additional tonnes of extracted Cu-Au vein material at the private facilities was supervised by the Company's metallurgical engineer as due diligence to assess the potential for purchase by Altiplano. It was determined that both private processing facilities provided a suitable Cu-Au concentrate and would be suited, with minor adjustments, to process the Company's extracted material in the future. The Company is currently in negotiations to pursue the possibility of purchasing a processing facility of its own.
During June, 2018 the Company also has granted incentive stock options to various directors, officers and consultants to purchase up to 2,050,000 common shares exercisable on or before June 8, 2023 at a price of $0.30 per share.
Osbaldo Zamora Vega, Ph.D, 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 Metals Inc. (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.apnmetals.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 Metals Inc.
For further information: Jeremy Yaseniuk, Director, [email protected], Tel: (604) 773-1467