Cordoba Minerals Corp. (TSX VENTURE:CDB / OTCQX:CDBMF) ("Cordoba" or the "Company") announced today that High Power Exploration Inc. ("HPX"), a private mineral exploration company indirectly controlled by mining entrepreneur Robert Friedland's Ivanhoe Industries, LLC, has completed Phase two of the Joint Venture Agreement ("JV Agreement") and has now earned a 51% interest in the San Matias Copper-Gold Project ("San Matias", or "San Matias Project") in Colombia. HPX has earned its 51% interest in the project by spending a cumulative total of C$19 million in exploration expenditures.
Phase Three of the Joint Venture Agreement has now commenced. HPX can increase its ownership in the San Matias Project to 65% by completing a Feasibility Study on the project.
Mario Stifano, President and CEO of Cordoba, commented: "We are pleased that our partner HPX has committed to moving the highly prospective San Matias Copper-Gold project to the feasibility stage as we continue with our aggressive exploration program."
About San Matias Project
The San Matias Copper-Gold Project comprises a 20,000-hectare land package on the inferred northern extension of the richly endowed Mid-Cauca Belt in Colombia. The project contains several known areas of porphyry copper-gold mineralization, copper-gold skarn mineralization and vein-hosted, gold-copper mineralization. Porphyry mineralization at the San Matias Project incorporates high-grade zones of copper-gold mineralization hosted by diorite porphyries containing secondary biotite alteration and various orientations of sheeted and stockwork quartz-magnetite veins with chalcopyrite and bornite. The copper-gold skarn mineralization at Alacran is associated with stratabound replacement of a marine volcano-sedimentary sequence. The nature of mineralization encountered at San Matias is similar to other large high-grade copper-gold deposits.
About High Power Exploration
HPX is a privately owned, metals-focused exploration company deploying proprietary in-house geophysical technologies to rapidly evaluate buried geophysical targets. The HPX technology cluster comprises geological and geophysical systems for targeting, modelling, survey optimization, acquisition, processing and interpretation. HPX has a highly experienced board and management team led by Co-Chairman and Chief Executive Officer Robert Friedland, President Eric Finlayson, a former head of exploration at Rio Tinto, and co-chaired by Ian Cockerill, a former Chief Executive Officer of Gold Fields Ltd. For further information, please visit www.hpxploration.com.
