Business
Cordoba Restarts Work on the Preliminary Economic Assessment for the Alacran Copper-Gold Deposit in Colombia
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2019) - Cordoba Minerals Corp. (TSXV:...
About this update from Cordoba Minerals Corp.
[{"type":"text","content":"Cordoba Restarts Work on the Preliminary Economic Assessment for the Alacran Copper-Gold Deposit in ColombiaUpdated Mineral Resource Estimate in Progress; HPX provides Loan to Cordoba to Facilitate PEA CompletionVancouver, British Columbia--(Newsfile Corp. - June 13, 2019) - Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) (\"Cordoba\" or the \"Company\") today announced that the Company has restarted work on the Preliminary Economic Assessment (\"PEA\") for the Alacran copper-gold deposit, located within the 100%-owned San Matias copper-gold project in Colombia. Cordoba has engaged Nordmin Engineering Ltd. (\"Nordmin\") to complete the PEA.As part of the PEA, Nordmin is re-evaluating the Alacran Mineral Resource estimate with an improved geological understanding of the high-grade domains following recent drilling, metallurgical testing and re-mapping of the artisanal workings. Cordoba expects to provide an update to the Mineral Resource estimate before the end of this month, while the results of the PEA are scheduled to be completed in early July.\"We are very pleased to have Nordmin revisit the Alacran Preliminary Economic Assessment and look forward to receiving their results, which we believe will demonstrate a very robust copper and gold project,\" stated Eric Finlayson, President and CEO of Cordoba. Corporate UpdateCordoba has arranged for a short-term loan of US$2.4 million (the \"Loan\") from its majority shareholder, High Power Exploration Inc. (\"HPX\"). The Loan has been provided in the form of a grid promissory note, with Cordoba drawing down US$1.255 million on the date hereof, and bears interest at 10%, compounding only at maturity. The interest rate will increase to 12% per annum in the event that Cordoba does not repay the amount owing upon the December 31, 2019 maturity date. The purpose of the Loan is to facilitate completion of the updated Mineral Resource estimate and PEA and cover corporate operations.The Loan is considered a \"related party transaction\" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") because HPX is a related party to Cordoba as the majority shareholder. Pursuant to Section 5.5(b) and 5.7(1)(a) of MI 61-101, Cordoba is exempt from obtaining a formal valuation and approval of Cordoba's minority shareholders as Cordoba is...