Loreto Resources Corporation Announces an Agreement to Acquire Copper Project in Peru
Wednesday, September 30th, 2009
Loreto Resources Corporation is pleased to announce it has entered into a nonbinding agreement to acquire up to 70% of an advanced exploration copper project in the department of Apurimac in Peru (“the Project”).
The Project containing a NI 43-101 compliant inferred copper resource of over 150 million tonnes with an additional molybdenum credit, is now ready to commence confirmatory drilling and feasibility work in preparation for planned development. Loreto has entered into an exclusivity period and has commenced its due diligence on the Project. Loreto will earn into 70% of the project through a combination of cash payments to the Seller and investment commitments totaling US$ 25 million over a period of approximately two years.
“We are very excited to have the opportunity to participate in this copper project. We know the project well and believe that it offers an opportunity to delineate a smaller, higher-grade zone that can be fast-tracked into development enabling it to accrue value more quickly while continuing exploration in exciting new areas of the deposit. In the meantime, and as part of our overall growth strategy, we continue to work on near term cash flow opportunities,” said Luis Saenz, President and CEO of Loreto.
For further information visit: www.loretoresources.com