Cordoba Minerals Announces HPX has Entered the Next Phase of the San Matias Joint Venture

TORONTO, ONTARIO--(Marketwired - April 6, 2016) - Cordoba Minerals Corp. ("Cordoba" or the "Company") (TSX VENTURE:CDB), is pleased to announce that High Power Exploration Inc. ("HPX"), a private mineral exploration company indirectly controlled by mining entrepreneur Robert Friedland, has entered Phase One of the Joint Venture Agreement ("JV Agreement") whereby HPX can earn a 25% interest in the San Matias Project in Colombia by spending an additional C$6 million. Phase One of the Joint Venture has commenced as a result of HPX completing an initial C$2.5 million exploration program funded by HPX private placements into the Company (see details in Cordoba's February 29, 2016 news release).

In Phase Two of the Agreement, HPX can earn a 51% interest in the San Matias Project by spending an additional C$10.5 million, for total exploration expenditures of C$19 million. HPX can earn up to a 65% interest in the project by carrying it to feasibility.

HPX has also acquired a direct 50.1% interest in Sociedad Ordinaria de Minas Omni ("OMNI"), owners of the Alacran Copper-Gold Project (see October 21, 2015 news release), for approximately US$3.3 million. The Joint Venture has the option to acquire a 100% interest in the property, which is located within Cordoba's San Matias Project, and is currently completing a 3,000-metre drill program as part of the earn-in agreement. The share acquisition simplifies the OMNI shareholder structure, will contribute to the HPX earn-in under Phase One of the JV Agreement and will give HPX a 50.1% share of option payments and royalties attributable to OMNI under the Alacran earn-in agreement.

"I am very pleased that HPX is proceeding to the next phase of our partnership and has committed additional funds to advance our exploration efforts at the San Matias Copper-Gold Project in Colombia including Alacran, where we believe the potential exists to make a world-class discovery. The purchase of the OMNI shares provides HPX with a controlling interest in the company for the benefit of both Cordoba and HPX," commented Mr. Stifano, President and CEO of Cordoba.

The Company also announced that the Definitive Agreement for the acquisition of the Alacran Project from OMNI has been completed and the Company issued 100,000 warrants pursuant to the previously announced earn-in agreement. Each warrant is exercisable to acquire one common share of the Company at an exercise price of $0.21 until April 1, 2018.