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Camino Signs Earn-in and Joint Venture Letter of Intent with Nittetsu Mining for the Los Chapitos Copper Project, Peru
VANCOUVER, BC / ACCESSWIRE / February 1, 2023 / Camino Corp. (TSXV:COR)(OTC PINK:CAMZF)(WKN:A116...
About this update from Camino Minerals Corporation
[{"type":"text","content":"Camino Signs Earn-in and Joint Venture Letter of Intent with Nittetsu Mining for the Los Chapitos Copper Project, PeruVANCOUVER, BC / ACCESSWIRE / February 1, 2023 / Camino Corp. (TSXV:COR)(OTC PINK:CAMZF)(WKN:A116E1) (\"Camino\" or the \"Company\") is pleased to announce that on January 31, 2023, it has entered into a non-binding Letter of Intent to partner with Nittetsu Mining Co., Ltd. (\"Nittetsu\") at its Los Chapitos copper exploration project (\"Los Chapitos\" or the \"Project\") in Peru. Nittetsu operates the Atacama Kozan copper mine located in northern Chile that was developed from an Iron Oxide Copper Gold (\"IOCG\") deposit style similar to Camino's Los Chapitos Copper Project. Nittetsu can earn a 35% interest in the Project by making payments and expenditures totalling CAD $10,100,000 over three years. Proceeds will be applied towards exploration, infill drilling, and metallurgical and engineering studies. Camino will remain the operator of the Project.\"Nittetsu is the operator of the Atacama Kozan mine located in the prolific Iron Oxide Copper Gold belt in Chile, next to one of the world's largest IOCG copper mines, Candelaria,\" said Jay Chmelauskas, CEO of Camino. \"Our Japanese partners have extensive mining and geological exploration expertise in a renowned IOCG belt to bring to our southern Peru location. There has been growing interest in southern Peru as an under-explored IOCG mining district and Nittetsu has recognized our Los Chapitos Project as one of the most advanced exploration projects in this coastal cordillera region.\"Nittetsu will have exclusivity to complete due diligence and enter into a Definitive Agreement by the end of April 2023. Unless mutually extended, the Letter of Intent will terminate at the end of April 2023.Key Terms:Nittetsu to pay Camino CAD $100,000 upon signing the Letter of Intent for three months of exclusivity to complete further due diligence.Nittetsu to pay Camino CAD $1,000,000 upon execution of a Definitive Agreement to be entered by the end of April 2023.Nittetsu to incur earn-in expenditures of CAD $9,000,000 over a 3-year period to earn a 35% project interest in the Los Chapitos Project with no accruing interest rights.Upon completion of the 35% interest acquisition by Nittetsu, a Joint Venture between parties will be established.Camino to remain the operator of the Pr...