Vancouver, BC — Camino Minerals Corporation (COR: TSX-V) ("Camino" or the "Company") is pleased to announce that it has entered into an agreement (the "Agreement") to acquire all of the issued and outstanding shares of Minquest Peru SAC ("Minquest"). Under the terms of the Agreement, Camino will acquire all of the shares of Minquest and as consideration Camino will issue 5,000,000 shares of Camino, subject to applicable hold periods and the approval of the TSX Venture Exchange.
Minquest is a private Peruvian corporation that owns the Plata Dorada copper, gold, silver property in the Department of Cuzco, Peru. Plata Dorada is located 158 kilometers east of the city of Cuzco, about 2.5 hours' drive along paved highway, and comprises 5 claims which cover 1,800 hectares. The target mineralization is structurally hosted, copper-gold-silver quartz veins.
Minquest has been conducting grassroots exploration in Peru for three years and holds a database of a number of other prospects resulting from its exploration programs. The ongoing exploration activities in Peru will continue to be managed by Ken Konkin and Jorge Arevalo, who together with Ken McNaughton and Joe Ovsenek, are the founders of Minquest. Mr. McNaughton was Vice President, Exploration of Silver Standard Resources Inc. for over 19 years, and in that role oversaw all exploration programs for Silver Standard, including those in Peru, and for Canplats Resources in Mexico. Following the completion of the transaction, Mr. McNaughton will be an advisor to Camino on its activities in Peru.
"I am delighted to have Messrs. Ovsenek, McNaughton, and Konkin associated with Camino. I worked with them for several years in the management of Canplats Resources that was acquired by Goldcorp in 2010. I look forward to our future success in Peru" said R.E. Gordon Davis, Camino's Chairman and CEO.
Private Placement
Camino is also pleased to announce a non-brokered private placement of up to 5,000,000 common shares at a price of CDN $0.10 per share for gross proceeds to the Company of up to CDN $500,000. The common shares will be subject to a four-month hold period in accordance with the policies of the TSX Venture Exchange and the applicable securities legislation. The private placement remains subject to the approval of the TSX Venture Exchange. The Company may pay finder's fees on a portion or all of the private placement, in accordance with the rules and policies of the TSX Venture Exchange.
Proceeds from the private placement will be used to advance the Plata Dorado copper-gold property up to the drill stage. Proceeds will also be used for exploration, and acquisition of other high grade copper gold projects in Peru, and for general corporate purposes.
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 Camino's projects, please refer to Camino's website at www.caminominerals.com
For further information, contact:
Corporate Information and Investor Inquiries:
R.E. Gordon Davis
Chairman and C.E.O.
Direct: (604) 629-8292
[email protected]
http://www.caminominerals.com
To receive Camino's news releases, email [email protected].
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities of Camino described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this news release that are not historical fact are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and forward-looking information under the provisions of Canadian securities laws (collectively, "forward-looking statements"). Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the company's ability to raise sufficient capital to fund exploration, changes in economic conditions or financial markets, changes in prices for the company's mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Mexico, technological and operational difficulties or inability to obtain permits encountered in connection with exploration and development activities, labour relations matters, and changing foreign exchange rates, all of which are described more fully in Camino's filings on SEDAR. The company undertakes no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.
