Atico Mining Signs an Investment Agreement with the Government of Ecuador, for the Development of its La Plata Project

VANCOUVER, British Columbia, March 05, 2024 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) is pleased to announce that it has signed, with the Government of Ecuador, an investment agreement (“the Agreement”) for its 100% owned La Plata mining project located in Ecuador (the “La Plata project”).

During the Prospectors and Developers Association of Canada Convention in Toronto, Canada (PDAC), and in alignment with his strategic initiative to foster the creation of high-quality employment opportunities for the youth and to entice responsible mining investments within Ecuador. The President of Ecuador, Mr. Daniel Noboa, alongside Mrs. Andrea Arrobo, Minister of Energy and Mines, Sonsoles Garcia, Minister of Production, External Commerce, Investments, and Fisheries, and Minister of Foreign Affairs Gabriela Sommerfeld, engaged in a pivotal meeting with a consortium of institutional funds, investors, and eminent mining corporations. In the context of this event, the Ecuadorian administration, through the agency of Minister Sonsoles Garcia, formalized this agreement with Atico Mining Corporation.

This agreement, representing a commitment exceeding USD $157 million, signifies the confluence of interests between the Ecuadorian State and Atico Mining Corporation in pioneering new ventures within the mining sector. Specifically, this agreement encompasses most previous and future exploration, development, construction and initial sustaining investment phases of the La Plata mining project. The document further delineates the Ecuadorian State's commitment to assist and expedite the progress of the La Plata mining project. This includes the facilitation in securing all requisite approvals, licenses, and permits, ensuring adherence to both Ecuadorian legal frameworks and international standards. This agreement lays the foundational groundwork for the execution of a formal Investment Protection Agreement (IPA) in the forthcoming period, marking a significant milestone in the partnership between the Ecuadorian State and Atico Mining Corporation.

“Today marks a milestone in Ecuador's mining industry, underscored by the distinguished presence of President Noboa at the PDAC. This attendance unequivocally signals the paramount importance that the current administration places on responsible mining investment as a cornerstone of its economic revitalization strategy, a commitment further exemplified by the tangible measures enacted by the Ecuadorian authorities. Ecuador is steadfast in its ambition to emerge as a key player in the global transition to clean energy, endeavoring to establish itself as a premier source of copper by fostering investments in responsible mining initiatives,” commented Alain Bureau, President of Atico Mining Corporation.