Position Statement Regarding Cerro de Pasco

MONTRÉAL, Nov. 25, 2020 /PRNewswire/ -- Cerro de Pasco Resources Inc. (CSE: CDPR) (OTCMKTS: GPPRF) (Frankfurt : N8HP) ("CDPR" or the "Company") provides its position statement regarding Cerro de Pasco and with respect to the forthcoming referendum concerning the 'Responsibilities of Big Companies Doing Business Worldwide' in Switzerland on November 29, 2020.

CDPR notes the comments made by the Responsible Business Initiative Committee concerning Glencore in relation to Cerro de Pasco. Regardless of the outcome of the referendum, CDPR continues to pursue closing an equitable transaction with Glencore and Volcan, because it is uniquely positioned, qualified, and experienced to bring about the best possible outcome for all stakeholders, especially for the local population in Peru and the environment.

Cerro de Pasco Resources is the owner of the El Metalurgista Concession which is situated immediately adjacent to the Cerro de Pasco mining operation and includes the Quiulacocha tailings and Excelsior waste deposits. 

The Company has been in active discussions with Volcan with a view to acquiring and integrating the entire Cerro de Pasco operation into CDPR.  The Parties have agreed to continue discussion with a view to completing the transaction as soon as possible. 

In anticipation of completing the transaction, CDPR is arranging financing commitments and expressions of interest in excess of USD60M in a combination of equity and unsecured debt financing to satisfy conditions precedent relating to demonstrating financial capability.  This amount is for the initial handover phase.

CDPR has unparalleled in-house knowledge of the challenges and opportunities presented by the mineral endowment within the Cerro de Pasco mining complex. The Company benefits from its first-hand experience and a comprehensive team of experts using world class geo-resource and industrial development solutions to secure long-term economic and operational sustainability in harmony with a healthy and prosperous local population.

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History of Cerro de Pasco – Why the Situation is the Way it is Today

Cerro de Pasco is a famous polymetallic mine located in the central Peruvian highlands.  The operation is nearly 400 years old and was discovered by the Spanish in 1630. The mine was operated informally by many operators and commercially developed in 1902 by Cerro de Pasco Copper Corporation, a company then listed in New York. At the time it was one of the biggest, most prolific copper-silver mines in the world and it continued to grow very significantly over the subsequent half century becoming one of the most important mining centers for Peru & South America. In the early 1950's the focus of exploitation shifted from copper, gold and silver to zinc, lead and silver as base metals demand grew worldwide.