EDMONTON, Dec. 11, 2017 /CNW/ - Altiplano Minerals Ltd. (TSXV: APN) ("APN" or the "Company"): APN today announces that the Company has entered into a binding letter of intent (the "LOI") with Comet Exploration Ltd. ("Comet") in respect of acquiring all of Comet's remaining 50% interest in their Chilean joint venture (the "CJV") for two copper and gold projects called the Farellon and Maria Luisa projects, which are located near the town of La Serena, Republic of Chile (collectively, the "Projects"). The LOI results in APN acquiring a 100% undivided interest in the Projects. Moving forward, APN will be the operator of the Projects, and the CJV is effectively terminated.
APN's CEO John Williamson commented, "The underpinnings of this transaction are the possible near-term production and cash-flow potential of our workings below the historic Farellon Mine; the medium-term potential of the historic Maria Luisa Mine project once we decipher its complex geology; and the longer-term potential of applying our expertise and experience to identify and capitalize on new mining opportunities in Chile. We would like to thank Comet for their clear vote of confidence, entrusting us to advance their flagship projects in a professional and entrepreneurial manner. We look forward to exceeding expectations."
Pursuant to the LOI, the Company must issue to Comet 7.5 million common shares at a deemed value of $0.20 per share, and pay A$50,000 to Comet within the next 90 days, in consideration of Comet's issuance to APN of common shares of Comet at a price of A$0.10 per share or lower, on the sale terms as will be offered to arm's length third parties. In addition, Comet will retain a 10% net profits interest in the Projects, until Comet has been paid C$1.5 million.
The LOI is subject to certain conditions, including the acceptance of the TSX Venture Exchange.
Altiplano will host a live shareholder update conference call on Friday, December 15, 2017, at 1:15 p.m. PST. Callers should dial in five to ten minutes prior to the scheduled start time.
Accessing the conference call by phone will depend on your region as follows: within Canada and the United States dial 1-866-512-0904 and enter passcode 4156999; within Germany dial 0800-589-4596 and enter passcode 4156999; and within Austria dial 0800-297228 and enter passcode 4156999. For other regions, please contact Jeremy Yaseniuk at the details below prior to the start time.
About Altiplano
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. Management has a substantial record of success, in Canada and abroad, capitalizing on opportunities, overcoming challenges and building shareholder value. Additional information concerning Altiplano can be found on its website at www.altiplanominerals.com.
