Candelaria Mining Acquires the Remaining 40% Ownership of Pinos Gold Project
December 05 2018 - 7:13PM
Candelaria Mining Corp. (TSXV:CAND, OTC PINK:CDELF) (the
“
Company”) announces that it has agreed to issue
7,075,472 of the Company’s common shares (“Acquisition Share
Issuance”) to the shareholders of Minera Apolo S.A. de C.V.
(“Minera Apolo”) to acquire the remaining 40% of the shares of
Minera Apolo.
Minera Apolo, incorporated in Mexico, holds
several mining properties including the Pinos Gold Project
(“Pinos”). For further details on Pinos, please see September 13,
2018 news release on Pinos’s Preliminary Economic Assessment
(“PEA”).
The Company is currently seeking external
financing to fund the development of the Pinos Gold Project.
Financing alternatives may be in the form of equity and/or
debt.
Curtis Turner, President and CEO of Candelaria
Mining stated:
“I am pleased to announce that Candelaria will
hold 100% of the Pinos Gold Project. The recently released PEA
shows that Pinos is a great small scale project with the ability to
grow with exploration potential. Developing the property as
outlined in the PEA will allow us to commence with a low-capex
project which will generate cash flows to allow further expansion
in operations and exploration organically.”
The Acquisition Share Issuance remains subject
to approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD,
Curtis TurnerChief Executive Officer
For further information, please contact:
Investor RelationsEmail:
info@candelariamining.comPhone: 604-349-5992
About Candelaria Mining
Candelaria Mining is a Canadian-based gold
development and exploration company with a portfolio of highly
prospective projects in Mexico, one of the world’s best mining
jurisdictions. Candelaria’s 100% owned Caballo Blanco Project hosts
an Indicated Resource of 521,000 ounces of gold and 2,170,000
ounces of silver (31,220,000 tonnes grading 0.52 g/t gold and 2.16
g/t silver) and an Inferred Resource of 95,000 ounces of gold and
590,000 of ounces of silver (8,630,000 tonnes grading 0.34 g/t gold
and 2.14 g/t silver). Potential exists to increase these estimated
resources through continued drilling and exploration. Candelaria
also holds the Pinos Gold Project which hosts a Measured Resource
of 4,444 ounces of gold and 228,892 ounces of silver (85,847 tonnes
grading 1.6 g/t gold and 82.9 g/t silver) and an Indicated Resource
of 20,586 ounces of gold and 267,745 of ounces of silver (175,697
tonnes grading 3.6 g/t gold and 47.4 g/t silver). For more
information on resource estimates, please see the technical reports
prepared pursuant to NI 43-101 which are available on the Company’s
website at www.candelariamining.com.
Technical Information
Mineral resources referenced herein are not
mineral reserves and do not have demonstrated economic viability.
Mineral resource estimates do not account for mineability,
selectivity, and mining loss but do include a dilution factor of
10%. The mineral resource estimates include inferred mineral
resources that are normally considered too speculative geologically
to have economic considerations applied to them that would enable
them to be categorized as mineral reserves. There is also no
certainty that these inferred mineral resources will be converted
to measured and indicated categories through further drilling, or
into mineral reserves, once economic considerations are
applied.
The Company cautions that a PEA is preliminary
in nature and that it relies upon mineral resource estimates which
have the considerations noted above applied to them. There is
no certainty that the PEA will be realized or that any of the
resources will ever be upgraded to reserves.
Mr. Jose Antonio Olmedo, Eng. Geol. MSc. is an
Independent Consultant, located in Mexico City, Mexico, who is an
“Independent Qualified Person” as defined by NI 43-101 and the lead
person responsible for completing the Pinos resource has reviewed
this press release as it relates to the Pinos project.
Mr. David Salari, P.Eng. of DENM Engineering
Ltd. located in Oakville, Ontario, Canada who is an “Independent
Qualified Person” as defined by NI 43-101 and the lead person
responsible for reviewing the metallurgical work for the Pinos
resource has reviewed this press release as it relates to the Pinos
project and has overseen the metallurgical and recovery methods and
infrastructure.
Cautionary Note Regarding
Forward-looking Statements
This press release contains certain
“forward-looking statements” and “forward-looking information”
under applicable Canadian securities laws concerning the business,
operations and financial performance and condition of Candelaria
Mining Corp. (“Candelaria” or “Candelaria Mining”). Forward-looking
statements and forward-looking information include, but are not
limited to, statements with respect to estimation of mineral
resources at mineral projects of Candelaria; Forward-looking
statements are based on the opinions and estimates as at the date
the statements are made, and are based on a number of assumptions
and subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
Many of these assumptions are based on factors and events that are
not within the control of Candelaria and there is no assurance they
will prove to be correct.
Factors that could cause actual results to vary
materially from results anticipated by such forward-looking
statements include variations in metal grades, changes in market
conditions, variations in recovery rates, risks relating to
international operations, fluctuating metal prices and currency
exchange rates, changes in project parameters, the possibility of
project cost overruns or unanticipated costs and expenses, labor
disputes and other risks of the mining industry, failure of plant,
equipment or processes to operate as anticipated.
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