Cerro de Pasco Resources Secures Funds for Easement to Start Drilling Program on its “El Metalurgista” Mining Concession in Peru

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MONTRÉAL, March 22, 2024 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (CSE: CDPR) (OTCPK: GPPRF) (FRA: N8HP) (“CDPR” or the “Corporation”) is pleased to announce that it has secured the funds to cover the fee payable in relation to the Legal Easement (the “Easement”). Upon publication of the Supreme Resolution granting the Easement, CDPR will pay SOL 3,647,402.44 or approximately CAD 1,350,000 to a specific bank account of Banco de la Nacion. The two-year Easement will provide CDPR with access to the surface areas corresponding to its El Metalurgista Concession and the Quiulacocha Tailings Project, enabling the Corporation to initiate its 40-hole drilling campaign.

Granting of Easement Timeline

The change of Minister of Energy and Mines in February, together with normal process clarifications resulted in a temporary delay in the ongoing procedures. At this time, we are not aware of any additional requirement that should be met for the granting of the easement and no further delays are expected. CDPR has fulfilled all the legal requirements set forth by Peruvian law for those purposes. With the Minister himself reiterating full support, the signature of the Supreme Resolution is expected imminently.

Background

CDPR is the titleholder of the El Metalurgista Concession located in Peru, which grants it the right to explore and exploit the Quiulacocha Tailings located within its assigned area. The enforceability of these rights has been formally confirmed by the General Mining Bureau of Peruvian Ministry of Energy and Mines.

The Quiulacocha Tailings

The Quiulacocha Tailings Storage Facility covers approximately 115 hectares and is estimated to hold approximately 75 million tonnes of tailings deposited from the 1920s to 1990s.

The Quiulacocha Tailings Storage Facility is comprised of processing residues that came from the Cerro de Pasco open pit and underground mine. Initially these tailings resulted from the mining of copper-silver-gold mineralization with reported historical grades of up to 10% Cu, 4/gt Au and over 300g/t Ag and later from the mining of zinc-lead-silver mineralized material with average historical grades of 7.41% Zn, 2.77% Pb and 90.33 g/t Ag.