Cerro de Pasco Resources receives Green Light on Land Easement Application Process for Quiulacocha Tailings

MONTRÉAL, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (CSE:CDPR) (OTCPK: GPPRF) (FRA: N8HP) (“CDPR” or the “Company”) is pleased to announce that, following the special session held on 30^th November 2023, the independent Mining Council has issued a definitive resolution effectively endorsing CDPR’s application for a Legal Easement (“Easement”). 

The Mining Council Resolution

The resolution addresses in detail the numerous observations raised by Activos Mineros (“AMSAC” described below), via an appeal filed in September 2023 and during the special session itself. Thus, it secures CDPR’s right to continue the procedure for the attainment of the Easement to gain access to the surface areas corresponding to the Company’s El Metalurgista Concession and the Quiulacocha Tailings Project (“QT Project”) and its ability to perform confirmatory exploration via a 40-hole sonic drilling program.

Supreme Resolution

Accordingly, the General Mining Bureau (“DGM”) will now begin the final step of the easement procedure, namely the drafting of the Supreme Resolution leading to authorization to begin drilling in the second quarter this year, during the Andean dry season. The Supreme Resolution will require signatures from the Ministry of Energy and Mines, the Ministry of Agriculture and the President of the Country and is expected to be complete during the first quarter this year.

Timeline
CDPR expects to complete the 40-hole drilling program and the first phase of the QT preliminary economic assessment (PEA) by Q3 of 2024, leading to the preparation of a technical report on Mineral Resources, compliant with NI 43-101 (as defined herein) for the Quiulacocha tailings within our “El Metalurgista” concession.

Guy Goulet, CEO of Cerro De Pasco Resources, “Our perseverance and meticulous adherence to process has finally paid off. The Mining Council resolution should lead to rapid unfolding of actions and events leading to the confirmation of a very large above-ground resource and a prosperous future for the city of Cerro de Pasco. As stated before, Forced Easements are rare in Peru and we are grateful to the authorities for securing our rights and for recognizing the merits of our project.”

Terms of the Easement

CDPR will pay AMSAC approximately US$1 million (3.7M soles) for the Easement and will be permitted to access and perform drilling inside its own concession area over a period of two years, providing access to the surface areas corresponding to CDPR’s El Metalurgista Concession and the QT Project. The Easement will enable the Company to perform confirmatory exploration via a 40-hole sonic drilling program.