05.03.2024 15:28:47 - dpa-AFX: GNW-Adhoc: Atico Mining Signs an Investment Agreement with the Government of Ecuador, for the Development of its La Plata Project
VANCOUVER, British Columbia, March 05, 2024 (GLOBE NEWSWIRE) -- Atico Mining
Corporation (the "Company" or "Atico") (TSX.V: ATY | OTC: ATCMF) is pleased to
announce that it has signed, with the Government of Ecuador, an investment
agreement ("the Agreement") for its 100% owned La Plata mining project located
in Ecuador (the "La Plata project").
During the Prospectors and Developers Association of Canada Convention in
Toronto, Canada (PDAC), and in alignment with his strategic initiative to foster
the creation of high-quality employment opportunities for the youth and to
entice responsible mining investments within Ecuador. The President of Ecuador,
Mr. Daniel Noboa, alongside Mrs. Andrea Arrobo, Minister of Energy and Mines,
Sonsoles Garcia, Minister of Production, External Commerce, Investments, and
Fisheries, and Minister of Foreign Affairs Gabriela Sommerfeld, engaged in a
pivotal meeting with a consortium of institutional funds, investors, and eminent
mining corporations. In the context of this event, the Ecuadorian
administration, through the agency of Minister Sonsoles Garcia, formalized this
agreement with Atico Mining Corporation.
This agreement, representing a commitment exceeding USD $157 million, signifies
the confluence of interests between the Ecuadorian State and Atico Mining
Corporation in pioneering new ventures within the mining sector. Specifically,
this agreement encompasses most previous and future exploration, development,
construction and initial sustaining investment phases of the La Plata mining
project. The document further delineates the Ecuadorian State's commitment to
assist and expedite the progress of the La Plata mining project. This includes
the facilitation in securing all requisite approvals, licenses, and permits,
ensuring adherence to both Ecuadorian legal frameworks and international
standards. This agreement lays the foundational groundwork for the execution of
a formal Investment Protection Agreement (IPA) in the forthcoming period,
marking a significant milestone in the partnership between the Ecuadorian State
and Atico Mining Corporation.
"Today marks a milestone in Ecuador's mining industry, underscored by the
distinguished presence of President Noboa at the PDAC. This attendance
unequivocally signals the paramount importance that the current administration
places on responsible mining investment as a cornerstone of its economic
revitalization strategy, a commitment further exemplified by the tangible
measures enacted by the Ecuadorian authorities. Ecuador is steadfast in its
ambition to emerge as a key player in the global transition to clean energy,
endeavoring to establish itself as a premier source of copper by fostering
investments in responsible mining initiatives," commented Alain Bureau,
President of Atico Mining Corporation.
Atico Mining's success and culture stem from investing in sustainable
development in communities where it operates through responsible mining with a
meticulous emphasis on protecting the surrounding environment.
La Plata Project
Gold-bearing sulphide mineralization at La Plata occurs as compositional banding
composed of chalcopyrite, sphalerite and pyrite laminae with barite occurring as
clasts and also as layers. The mineralised lenses have also been dislocated by a
few faults and dolerite dikes cutting the body.
The La Plata project is amongst the highest-grade gold-copper VMS deposits in
which base and precious metal mineralization is interpreted to have formed as
part of multiple volcanic episodes that created a stacked volcanic-exhalite
hydrothermal sequence considered favorable for hosting additional VMS lenses.
The recent drilling results in the southern portion of the deposit have
encountered deeper mineralisation, and an extension of mineralisation to the
north has been discovered by recent trenching results.
The La Plata independent Preliminary Economic Assessment ("PEA") dated March
30th 2019, was prepared pursuant to National Instrument 43-101 ("NI 43-101") and
reports the La Plata inferred resources at 1.9 million tons at an average grade
of 4.1 g/t Au, 49.4g/t silver, 3.3% Cu, 4.5% Zn, 0.6% Pb as available on SEDAR.
The La Plata project consists of two concessions covering a total area of 2,300
hectares along its 9-kilometer length, which contains known mineralization in
two VMS lenses and nine priority exploration targets.
About Atico Mining Corporation
Atico is a growth-oriented Company, focused on exploring, developing and mining
copper and gold projects in Latin America. The Company generates significant
cash flow through the operation of the El Roble mine and is developing its high-
grade La Plata VMS project in Ecuador. The Company is also pursuing additional
acquisition of advanced stage opportunities. For more information, please
visit www.aticomining.com.
ON BEHALF OF THE BOARD
Fernando E. Ganoza
CEO
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTC: ATCMF
Investor Relations
Igor Dutina
Tel: +1.604.633.9022
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.
No securities regulatory authority has either approved or disapproved of the
contents of this news release. The securities being offered 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 in the United States, or to, or for the account or benefit
of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act)
unless pursuant to an exemption therefrom. This press release is for information
purposes only and does not constitute an offer to sell or a solicitation of an
offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward Looking Statements
This announcement includes certain "forward-looking statements" within the
meaning of Canadian securities legislation. All statements, other than
statements of historical fact, included herein, without limitation the use of
net proceeds, are forward-looking statements. Forward- looking statements
involve various risks and uncertainties and are based on certain factors and
assumptions. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause actual
results to differ materially from the Company's expectations include
uncertainties relating to interpretation of drill results and the geology,
continuity and grade of mineral deposits; uncertainty of estimates of capital
and operating costs; the need to obtain additional financing to maintain its
interest in and/or explore and develop the Company's mineral projects;
uncertainty of meeting anticipated program milestones for the Company's mineral
projects; the world-wide economic and social impact of COVID-19 is managed and
the duration and extent of the coronavirus pandemic is minimized or not long-
term; disruptions related to the COVID-19 pandemic or other health and safety
issues, or the responses of governments, communities, the Company and others to
such pandemic or other issues; and other risks and uncertainties disclosed under
the heading "Risk Factors" in the prospectus of the Company dated March 2, 2012
filed with the Canadian securities regulatory authorities on the SEDAR website
at www.sedar.com
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