Business
Camino Corp Completes Acquisition of 100% Ownership Interest in the Los Chapitos Copper Discovery
Vancouver, British Columbia--(Newsfile Corp. - July 2, 2020) -   Camino Corp. (TSXV: COR...
About this update from Camino Minerals Corporation
[{"type":"text","content":"Camino Corp Completes Acquisition of 100% Ownership Interest in the Los Chapitos Copper DiscoveryVancouver, British Columbia--(Newsfile Corp. - July 2, 2020) -  Camino Corp. (TSXV: COR) (OTC PINK: CAMZF) (WKN: A116E1) (\"Camino\" or the \"Company\") is pleased to announce that it has completed the exercise of its option agreement with Minas Andinas SA on the Los Chapitos property, located along the coast of the second largest copper producing country, Peru. As a result, Minas Andinas has executed a transfer agreement that assigns to Camino legal title to 39 claims totaling 22,500 hectares (220 sq. km's) covering its Los Chapitos copper discovery. \"Our Los Chapitos property is a new discovery in the copper sector that gained recognition during the first exploration drill campaign initiated in 2017 and 2018. Camino has since advanced its systematic exploration at Chapitos with geochemistry mapping, geophysics and permitting, leading us to our next drill campaign planned for September. Drilling will be focussed on expansion of known mantos and the discovery of potentially new copper mantos.\" said Jay Chmelauskas, President & CEO. \"New copper discoveries are needed to shore up the supply demand dislocation between depleting mine supply and new copper demand from an electrifying global economy. We believe that the Los Chapitos discovery has the potential to host a significant copper deposit, and Camino has now secured 100% ownership.\"The option agreement with Minas Andinas was executed on July 19, 2016. Camino has now completed all option exercise conditions, with the final instalment of cash and shares advanced on June 30, 2020, consisting of US$150,000 in cash and 150,000 common shares of Camino. Minas Andinas retains a 1.5% Net Smelter Royalty (\"NSR\") that is payable up to a maximum of US$10 million and adjusted annually from 2016 to reflect the US Consumer Price Index (CPI). Camino holds a right of first offer to purchase the NSR. Advance Royalty Payments of US$500,000 will be payable for each 500 million pounds of copper equivalent identified in any measured and indicated resource estimate. In addition, starting in 2021 the Company has agreed to make annual prepayments to Minas Andinas of US$50,000 against the Advanced Royalty Payment to a maximum of US$250,000 over 5 years. Camino Corp. has developed its Covid-19...