Jan 27 2015
Camino Minerals Corporation ("Camino" or the "Company") is pleased to announce the signing of an option agreement with Messrs. Máximo Roger Barrios, Carlos Eduardo Barrios, and Roger Alejandro Barrios (collectively the "Vendors"), pursuant to which the Company can acquire a 100% interest in the Red Beds copper and silver project ("Red Beds" or the "Property") located in the Department of Cuzco, Peru.
The Property consists of three mineral concessions covering 2,500 hectares (6,175 acres) and is located approximately 150 kilometers south-east of the city of Cuzco, about 2.5 hours' drive on paved highway. The region is covered by hematite rich marine sediments, locally consisting of dolomitic mudstone, siltstone and sandstone. On the Property, there are at least 5 sub-parallel mineralized beds, ranging in thickness from 0.4 meters to 3.0 meters which are exposed over lengths of 1 to 5 kilometers. The mineralized beds are visually distinct from the surrounding rocks due to their bleached apple green color resulting from moderate to intense albite-quartz-chlorite alteration. Within these beds, aggregates of primary chalcocite and secondary malachite mineralization are intergrown with the albite-quartz alteration. Prospecting along strike of the mineralization has returned values ranging from 0.9% copper to 11.3% copper, and from 7.0 gpt silver to 106 gpt silver.
Under the terms of the option agreement, Camino has agreed to pay a total of US$280,000 in staged cash payments as follows:
Date for Option Payment - Amount USD$
On execution of the option agreement (paid) - $40,000
Upon final registration of the claims - $40,000
12 months after the date of the final registration of the claims - $100,000
24 months after the date of the final registration of the claims - $100,000
TOTAL $280,000
The completion of the option remains subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
Kenneth C. McNaughton, M.A.Sc., P.Eng., is the Qualified Person (QP) responsible for the Red Beds Project exploration program.
About Camino Minerals Corporation
Camino is a discovery-oriented mineral exploration company formed in connection with Goldcorp's C$300-million acquisition of Canplats Resources Corp. The Company is led by Canplats' former management and is focused on the acquisition and development of high grade copper gold projects in Peru. For more information on the Red Bed Project, please refer to Camino's website at www.caminominerals.com.
To receive Camino's news releases, email [email protected].
Source: http://www.caminominerals.com/