EDMONTON, Jan. 26, 2018 /CNW/ - Altiplano Minerals Ltd. (TSXV: APN) ("APN" or the "Company") announces that, further to its press release dated December 1, 2016, regarding the option dated November 30, 2016, as amended (the "Option") with Velocity USA, Ltd. ("Velocity") to purchase the Orogrande Property, Idaho, APN has exercised the Option and acquired the mining claims comprising the property, subject to a 1.5% net smelter returns royalty, by the issuance of 2.5 million common shares of APN. In addition, Velocity has released the Company from any further obligation to carry out exploration work on the property.
The Orogrande Gold-Silver property is comprised of 198 lode claims covering approximately 4,000 acres in central Idaho and is located approximately 3 km south of the Friday-Petsite Gold Deposit. Previous work at the Friday-Petsite Gold Project has identified an indicated mineral resource of 647,000 troy ounces of gold and an inferred mineral resource of 590,000 troy ounces of gold (Simpson, 2013). Previous work by Velocity on the Orogrande Property has outlined significant gold in soil anomalies coincident with magnetic anomalies over several kilometers and on strike with the Friday-Petsite Gold Deposit.
CEO John Williamson stated, "We are pleased to have renegotiated terms with Velocity to acquire the Orogrande Project as it provided us with the increased flexibility to advance it at a pace that dovetails more closely with our Chilean projects."
Osbaldo Zamora Vega, P.Geol, vice-president of exploration for Altiplano, is the qualified person as defined in National Instrument 43-101, and has reviewed and approved the technical contents of this press release.
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, 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.
