TSX Venture Symbol: COR
VANCOUVER, July 16, 2015 /CNW/ - Camino Minerals Corporation ("Camino" or the "Company") (COR: TSX-V) is pleased to announce that it has completed a non-brokered private placement for gross proceeds of $800,000 which will be used to fund an initial drill program at the Red Beds Project, Department of Cuzco, Peru, and for general working capital. The proceeds from this financing are in addition to the approximately $590,000 that will be received from the recent sale of Mexican assets (see the Company's news release dated June 24, 2015).
The non-brokered private placement consisted of 4,000,000 units at a price of $0.20 per unit, each unit being comprised of one common share and one non-transferable share purchase warrant. The common shares are subject to a four month period expiring November 18, 2015. Each warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.25 per common share until January 17, 2017. The warrants are subject to an acceleration right in favour of the Company: should the closing price of the common shares of the Company on the TSX Venture Exchange be $0.35 or higher for ten consecutive trading days, the Company will be entitled to accelerate the expiry of the warrants to the date that is 30 business days from the date of the issuance of a news release by the Company announcing the exercise of the acceleration right.
The Red Beds Project is a sediment hosted copper deposit. Prospecting and channel sampling have currently defined 12 beds of high grade copper-silver mineralization. These beds have an exposed 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 grams per tonne silver. Local values range up to +10% copper and +100 grams per tonne silver, with one high grade lens returning a value of 28% copper and 741 grams per tonne silver.
Preparations 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: For further information and investor inquiries, contact: Ken McNaughton, President and Chief Executive Officer, Phone (604) 566-8778, [email protected], http://www.caminominerals.com