AQM Copper Inc.: Joint Venture Partners Approve Start of Zafranal Pre-Feasibility Study
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/02/14 -- AQM
Copper Inc. (TSX VENTURE: AQM)(BVL: AQM) ("AQM" or the "Company") is
pleased to announce that Minera AQM Copper Peru ("MAQM") and Teck
Resources Limited ("Teck"), collectively the Joint Venture Partners
of Compania Minera Zafranal ("CMZ"), have approved a US$30 Million
budget to complete a Pre-Feasibility Study ("PFS") on the Zafranal
copper - gold project ("the Project") located in southern Peru. The
Zafranal PFS will comply with National Instrument 43-101 Canadian
Guidelines for a PFS and include the results of a program of in-fill,
geotechnical, water exploration and condemnation drilling. In
addition, the Company will carry out a formal Environmental and
Social Baseline Study and other engineering and environmental studies
that will be required for the eventual preparation of an
Environmental Impact Assessment for the Project. The PFS is expected
to take approximately 18 months to complete with an associated peak
workforce of approximately 240 employees and contractors.
AQM CEO, Bruce Turner stated, "We are very pleased to have CMZ Board
approval for this important step in the ongoing development of the
Zafranal Project. As a result of our transaction with Mitsubishi
Materials Corporation in August 2013, AQM's share of the Zafranal PFS
is fully funded. Ed Tota, most recently Project Director for Marcobre
S.A.C., has been hired as the Project Director for the Zafranal
Project. His extensive project experience will help to ensure a high
quality PFS for an economically attractive mining asset like
On Behalf of the Board
Bruce L. Turner
President and Chief Executive Officer
About AQM Copper
AQM Copper Inc. is a Canadian based mineral exploration company
exploring and developing copper deposits in South America. The
Company's management and directors have extensive experience working
for the world's largest mining copper producers and financial
Through its Peruvian subsidiary, Minera AQM Copper Peru S.A.C.
("MAQM"), the Company is developing the Zafranal Copper-Gold Porphyry
Project located in Southern Peru (the "Zafranal Project"). MAQM is
the operator of a 50
/50 joint venture with Teck Resources Limited
through a sole purpose Peruvian company, Compania Minera Zafranal.
MAQM is owned 60% by AQM, and 40% by Mitsubishi Materials
Corporation, pursuant to a transaction outlined in the Company's news
releases of July 2 and August 15, 2013. As such, the Company has a
30% beneficial ownership interest in the Zafranal Project.
On September 12, 2013, the Company published an updated preliminary
economic assessment ("PEA") on the Zafranal Project outlining
financial projections for an open pit mine processing 44,000 t/d of
mill feed. The PEA showed an after-tax net present value, at an 8%
discount rate, of US$616 million on a 100% basis.
Please refer to the Company's website at www.aqmcopper.com for
further information regarding the Company and the Zafranal Project.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Except for statements of historical fact relating to AQM Copper Inc.,
certain information contained herein constitutes "forward-looking
Forward-looking statements include statements that are predictive in
nature, depend upon or refer to future events or conditions, or
include words such as "expects", "anticipates", "plans", "believes",
"considers", "intends", "targets", or negative versions thereof and
other similar expressions, or future or conditional verbs such as
"may", "will", "should", "would", and "could". We provide
forward-looking statements for the purpose of conveying information
about our current expectations and plans relating to the future and
readers are cautioned that such statements may not be appropriate for
other purposes. By its nature, this information is subject to
inherent risks and uncertainties that may be general or specific and
which give rise to the possibility that expectations, forecasts,
predictions, projections or conclusions will not prove to be
accurate, that assumptions may not be correct and that objectives,
strategic goals and priorities will not be achieved. These risks and
uncertainties include but are not limited to those identified and
reported in AQM Copper Inc.'s public filings, which may be accessed
at www.sedar.com. Other than as specifically required by law, the
Company undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date on which
such statement is made, or to reflect the occurrence of unanticipated
events, whether as a result of new information, future events,
results or otherwise.
To speak with an Investor Relations representative,
Spyros P. Karellas
Pinnacle Capital Markets LTD.
(416) 433-5696 / (416) 800-8921
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