May 10 2017
Altiplano Minerals Ltd. ("APN" or the "Company") is pleased to provide an update on the status of the Comet Joint Venture (CJV) current earn-in status.
Earn-In Status 35% Completed
Further to the Company's press release dated February 10, 2017, Altiplano can confirm fulfillment of its requirements to earn a 35% interest in the CJV with Comet Exploration Ltd. The CJV comprises two Copper-Gold development projects in Chile named: Farellon and Maria Luisa. Pursuant to the joint venture agreement with Comet Exploration Ltd., the Company has earned its interest by funding US$1.25 million in exploration and development expenditures. Further to the agreement, the next milestone with respect to the earn-in will occur at 50% interest in the JV, by funding to an aggregate of US$2.0 million.
Joint Venture Update
To date, the adit has advanced a total of 191 m. The underground advancement is averaging approximately 4m per day, but with the installation of the air vent, productivity is expected to increase to 6m per day. During April, the CJV completed the first formal survey of the underground adit which will facilitate accurate location of drilling which feeds into the upcoming resource work.
At Maria Luisa, preparations have begun to dewater the lower levels of the underground workings for access for further geological work, surveying and engineering design work expected to be conducted over the coming weeks.
CEO John Williamson stated:
We are very pleased to be able to advise the investment community of our earn-in obligations and the continued rapid advancement of infrastructure, development, drilling, surveying which feeds into upcoming resource work prior to a potential production decision. We have, and will, continue to advance this project at a rapid pace as we have consistently messaged to our shareholders and potential investors.
Source: http://www.altiplanominerals.com/news/index.php?content_id=105