Cordoba Minerals to Acquire 100% of Cordoba Copper-Gold Project and Adjacent San Matias Property, Colombia
Published : August 01, 2013
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | Colombia | Copper | Diamond | Ghana | Gold | Market | Sierra Leone |

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 1, 2013) - Cordoba Minerals Corp. (News - Market indicators) (the "Company") is pleased to announce that it has entered into a binding agreement (the "Agreement") to acquire a 100% interest in the Cordoba Copper-Gold Project from the Minatura Group of companies ("Minatura") and the adjacent San Matias Property from Sabre Metals Inc. ("Sabre"), located in the Municipality of Puerto Libertador, Department of Cordoba, 200km north of Medellin, Colombia.

This agreement consolidates a major land package covering multiple porphyry copper-gold targets along an inferred northern extension of the prolific Middle Cauca Gold Belt of central Colombia, in which several major gold discoveries have been made in recent years. Several intrusive centers have been identified on the two properties and neither property has been drilled, despite a long history of both alluvial and hard rock mining.

Simon Ridgway, CEO of the Company, commented: "I'd like to thank the Management of Minatura and Sabre for their efforts in facilitating this logical step forward in the development of what I believe is a new porphyry district. This deal brings together strong management teams and two exceptional land packages in a truly world class mineral belt. We can now look forward to drilling the known copper-gold targets, beginning hopefully in August."

The Properties

The Cordoba and San Matias Properties consist of various mining concessions and concession applications covering approximately 24,790 ha and 1,465 ha, respectively, underlain by volcano-sedimentary rocks that are intruded by multiple dioritic intrusives with the excellent potential to host porphyry copper-gold deposits. 

Exploration conducted by the Company and Sabre to date has included airborne magnetic and radiometric surveys, a ground based magnetic survey, regional prospecting, stream sediment and soil sampling, local geological mapping, trenching and rock sampling. This work has identified several promising drill targets, including the Montiel and Costa Azul areas on the Cordoba property, and the artisanal open pit mine on the San Matias property.

Copper-gold mineralization occurs in both intrusive and volcanic rocks at these locations, associated with sheeted quartz-magnetite veining and alteration styles indicative of a highly prospective porphyry copper-gold environment. The Montiel prospect is located just 700m west of the San Matias open pit operation, and magnetic surveys suggest that the two intrusive bodies may be connected at depth. These targets are just three of at least half a dozen recently defined soil geochemistry and/or magnetic survey anomalies on the combined properties, which have yet to be fully explored.

Significant trench results obtained by the Company to date include 30m of 0.7 g/t gold and 0.8% copper at Montiel, and 30m of 0.47 g/t gold and 0.47% copper at Costa Azul, from saprolitic rocks near surface. Sabre's channel sampling at San Matias returned 154m of 2.6 g/t gold and 1.6% copper from a continuous but circular path (in and around the artisanal workings) in deeper bedrock exposures that are currently being mined from an open-pit. The San Matias mine workings currently cover an area of 90m x 50m and the high-grade porphyry mineralization remains open in all directions.

A preliminary Diamond drilling program has been designed by Sabre to test the San Matias target and is expected to start later this month. Additional drilling of the Montiel and Costa Azul targets will follow accompanied by an aggressive surface sampling campaign to locate further targets within the extensive consolidated land package.

The Proposed Transaction

The Company currently owns an 11% interest in Cordoba Holdings Corp. ("CHC"), a private company which holds indirect title to the Cordoba Project. Pursuant to the Agreement, the Company will acquire (the "Transaction") from Minatura International LLC, Minatura Gold and certain minority shareholders of CHC (collectively "Minatura") the remaining 89% in CHC, and will also acquire all of the outstanding shares of Sabre Metals Inc. ("Sabre"), a private company which has the right to acquire a 100% interest in the San Matias Property.

In consideration therefor, the Company has agreed to:

  1. issue common shares in its capital stock to Minatura and Sabre's shareholders, so that the Company's resulting issued capital will be 81,942,881 shares, of which Minatura will own 29,499,437 shares or 36% of the Company and the Sabre shareholders will own 26,221,722 shares or 32% of the Company;
  2. issue 2,117,647 warrants to Minatura and 1,882,353 warrants to the Sabre shareholders, each warrant exercisable at $0.30 for two years from closing of the Transaction; and
  3. make cash payments to Minatura totaling US$5.0 million ($1.0 million paid on signing of the Agreement, and $4.0 million due on closing of the Transaction).

In addition, the Company intends to raise at least $3.0 million by way of an equity financing (the "Financing") the proceeds of which will be held in escrow, to be released concurrently with the Transaction closing.

Upon completion of the Transaction, the Company will have seven directors, two of whom to be nominated by Minatura, two by Sabre, two by the Company, and the seventh by mutual agreement of the parties. Mario Stifano will be appointed President and CEO of the Company. As well, the option agreement signed in March 2012 whereby the Company had been granted the option from Minatura to increase its ownership of the Cordoba Project from 11% to 100% will no longer be in effect.

Each of Minatura and Sabre is at arm's length to the Company, and none of the directors or officers of the Company are directors, officers or shareholders of Minatura or Sabre, other than Tod Turley who is Chief Operating Officer of Minatura and a director of the Company.

Completion of the Transaction is subject to a number of conditions, including approval by the shareholders of the Company and Sabre, completion of the Financing, preparation of a 43-101 compliant technical report on the San Matias Property, and approval by the TSX Venture Exchange. 

About Sabre Metals

Sabre Metals Inc. is a privately held company backed by Continental Gold Limited and Grupo de Bullet SA with exploration assets in the department of Cordoba, Colombia. The company's management team has extensive experience in exploring, financing and developing precious and base metal properties.

About Minatura

The Minatura Group of companies is comprised of privately and publicly held companies engaged in the exploration, development and extraction of precious and base metals in Colombia, Ghana, and Sierra Leone. Please visit www.minatura.com for additional information.

About Cordoba Minerals

Cordoba Minerals Corp. is a Vancouver-based mineral exploration company focused on the acquisition and exploration of copper and gold projects in Colombia. The Company currently owns 11% of the Cordoba project. The Company is also actively pursuing additional acquisitions in Colombia. Please visit www.cordobamineralscorp.com for further information.

QA/QC

Geochemical analyses for both the Company and Sabre were performed independently by Acme Labs of Vancouver BC. Samples collected by each company were delivered separately to Acme's Medellin, Colombia prep facility for initial crushing and splitting, and the geochemical analyses were conducted in Acme's Vancouver laboratory. For the Company, gold analyses were conducted by Fire Assay with an ICP-ES finish, and copper was analyzed by Aqua Regia digestion with an ICP-MS finish. For Sabre, gold analyses were conducted by Fire Assay with an ICP-ES finish, and copper was analyzed by 4 Acid Digest with ICP-MS finish. Both Sabre and the Company have a rigorous Quality Assurance and Control (QA-QC) program in place with blanks, duplicates and certified reference standards inserted into the sample stream to monitor laboratory performance.

Qualified Person

The Company's President, Peter Thiersch, M.Sc., P.Geo. (APEGBC), is the Company's Qualified Person in accordance with NI 43-101, and has reviewed and approved the technical content of this release. Mr. Thiersch has reviewed and approved the technical information provided to the Company by Sabre, but the Company has not independently verified Sabre's exploration results.

ON BEHALF OF THE BOARD,

Peter Thiersch, President

Cordoba Minerals Corp.

Symbol: (News - Market indicators)

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release includes certain "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the expected benefits of the Transaction, the completion of the Transaction, the receipt of any regulatory and shareholder approvals for the Transaction and the potential of the properties are forward-looking statements that involve various risks and uncertainties. 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. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.



Cordoba Minerals Corp.
Ralph Rushton
(604) 801-5432
(604) 662-8829 (FAX)
info@cordobamineralscorp.com
www.cordobamineralscorp.com
Data and Statistics for these countries : Canada | Colombia | Ghana | Sierra Leone | All
Gold and Silver Prices for these countries : Canada | Colombia | Ghana | Sierra Leone | All

Petro One Energy Corp.

EXPLORATION STAGE
CODE : POP.V
ISIN : CA71646L1040
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Petro One Energy is a oil and natural gas exploration company based in Canada.

Petro One Energy holds various exploration projects in Argentina and in Romania.

Its main exploration properties are DOLLY VARDEN and SIERRA NOVA in Argentina, IKIZTEPE - SARP in Turkey and MUNTELE in Romania.

Petro One Energy is listed in Canada and in Germany. Its market capitalisation is CA$ 1.3 millions as of today (US$ 997 544, € 916 643).

Its stock quote reached its highest recent level on July 22, 2011 at CA$ 2.30, and its lowest recent point on December 24, 2015 at CA$ 0.02.

Petro One Energy has 37 760 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Petro One Energy Corp.
2/15/2013Cordoba Warrants Amended
Corporate news of Petro One Energy Corp.
12/22/2015Goldstrike and Petro One Provide Update on Business Combinat...
2/5/2015Petro One's first horizontal well on production
2/4/2015Petro One's First Horizontal Well on Production
1/24/2015Petro One retains Star Finance GMBH for European communicati...
1/24/2015Petro One Retains Star Finance GmbH for European Communicati...
1/23/2015TSX Venture Exchange Conditionally Approves Petro One/Goldst...
1/23/2015First J10 Well Producing 147.7 BOPD
12/1/2014Petro One Update on Financing and Drilling Program
11/26/2014Petro One Energy applies to extend warrants
11/26/2014Petro One and Goldstrike Announce Oil & Gas Drilling Joint V...
11/5/2014Petro One Update
11/3/2014Petro One announces financing backed by $650,000 pledge
10/22/2014Petro One update
10/22/2014Petro One Update
10/8/2014IIROC Trading Resumption - POP
10/8/2014Petro One Private Placements Closed / Preparations for Drill...
10/7/2014IIROC Trading Halt - POP
9/26/2014Petro One Funding Update
9/19/2014Petro One Funding Confirmed
9/19/2014IIROC Trading Resumption - POP
9/19/2014Petro One Financing Update
9/19/2014IIROC Trading Halt - POP
9/8/2014Petro One Financing Update
9/3/2014IIROC Trading Resumption - POP
9/2/2014Petro One Financing Update
9/2/2014IIROC Trading Halt - POP
8/18/2014Petro One Increases Funding by $2,000,000 on Institutional D...
8/1/2014Petro One Approves Opton Grants and Re-Pricings
8/1/2014Private Placement Set for Joint Venture of Up to $100,000,00...
7/28/2014IIROC Trading Resumption - POP
7/28/2014Petro One Announces Drilling Joint Venture
10/21/2013Cordoba Minerals Provides Update on Proposed Acquisition/Ext...
9/19/2013Cordoba Minerals Corp.: Warrant Expiry Accelerated
8/1/2013Cordoba Minerals to Acquire 100% of Cordoba Copper-Gold Proj...
2/7/2013Cordoba Defines New Copper-Gold Porphyry Target and Receives...
10/22/2012Cordoba Minerals Receives Key Exploration Concession Over Th...
10/22/2012Cordoba Minerals Receives Key Exploration Concession Over Th...
10/11/2012Cordoba Arranges $2.0 Million Private Placement; Amends Exis...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (POP.V)
0.035+0.00%
TSX-V
CA$ 0.035
02/29 16:47 -
0%
Prev close Open
0.040 0.030
Low High
0.030 0.035
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.035 -12.50%
Volume 1 month var.
226,500 -12.50%
24hGold TrendPower© : 24
Produces
Develops
Explores for Copper - Gold - Molybdenum - Silver
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
20240.550.34
2023-34.62%0.790.27
20224.00%0.840.35
2021566.67%1.540.07
2020-31.82%0.140.05
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.05+0.43%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 8.92-2.58%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59-3.26%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.06+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 12.67+0.88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.18+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.77-2.21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.37-0.22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.