EDMONTON, Aug. 22, 2018 /CNW/ - Altiplano Metals Inc. (APN:
TSXV) (ALTPF: OTCQB) (9AJ1: GER) ("APN" or the
"Company") is pleased to report the results of the 5,000
tonne bulk sample of the 395M
northeast zone ("Bulk Sample") at the historic Farellon Copper Gold
Mine ("Farellon") near La Serena, Chile.
During the last quarter, the Company concluded the Bulk Sample
with a total of 4,453 tonnes of copper-bearing material having been
extracted from the 395M level. This
material was sent to various processing facilities and sold as
either copper-bearing material or copper concentrate. The
average grade of this material was 1.77% Cu. The proceeds generated
on the sale of copper-bearing material or concentrate from the Bulk
Sample averaged approximately US$71
per tonne, due in part to the price of copper having decreased
approximately 20% over the past month.
Prior to these results, based on results from the initial 2,000
tonne bulk sample (which graded 1.89% Cu and returned proceeds of
US$80 per tonne at a price of
$3.00 Cu per tonne) and an evaluation
of its cost structure, APN had determined that private toll
processing and producing concentrate for sale was the best option
going forward.
Under these new operating parameters, APN has continued
extraction and testing from the 395M
level beyond the Bulk Sample stage, proceeding to open up and
commence extraction and testing on the 401M and 414M
levels. With these adjustments, the average grade of copper shipped
for processing in the last month has increased to 1.91% Cu. The
Company continues to improve its grade control and extraction
procedures to adapt within the lower price environment by both
lowering costs and increasing productivity going forward.
CEO John Williamson stated, "With
innovation and rapid application of lessons learned through bulk
sampling, progress is consistently being made on our projects at
the historic Farellon mine. As our technical team continues to show
flexibility in adjusting to market conditions, the Company is
progressing with a 6 month business plan and working towards an
updated resource model in the coming months. We expect copper
prices to stabilize and our ability to work within the constraints
of tighter copper prices will enhance our prospectivity when copper
prices readjust to supply and demand".
Osbaldo Zamora Vega, Ph.D,
P.Geol., Vice President of Exploration for Altiplano, is the
Qualified Person as defined in National Instrument 43-101 who has
reviewed and approved the technical contents of this press
release.
About Altiplano
Altiplano Metals Inc. (APN: TSX‐V) is a mineral
exploration company focused on evaluating and acquiring projects
with significant potential for advancement from discovery through
to production, in Canada and
abroad. Management has a substantial record of success in
capitalizing opportunity, overcoming challenges and building
shareholder value. Additional information concerning
Altiplano can be found on its website at www.apnmetals.com.
ON BEHALF OF THE BOARD
/s/ "John Williamson"
President and CEO
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.
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address exploration
drilling, exploitation activities and events or developments that
the Company expects are forward-looking statements. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploitation and exploration successes,
continuity of mineralization, uncertainties related to the ability
to obtain necessary permits, licenses and title and delays due to
third party opposition, changes in government policies regarding
mining and natural resource exploration and exploitation, and
continued availability of capital and financing, and general
economic, market or business conditions. Investors are cautioned
that any such statements are not guarantees of future performance
and actual results or developments may differ materially from those
projected in the forward-looking statements. For more information
on the Company, investors should review the Company's continuous
disclosure filings that are available at
www.sedar.com.
SOURCE Altiplano Metals Inc.