Vancouver, BC - Los Andes Copper Ltd. (“Los Andes” or the “Company”, TSX Venture Exchange: LA, OTCQX: LSANF) is pleased to announce the appointment of Santiago Montt as Chief Operating Officer (“COO”) of the Company and President of Compañía Minera Vizcachitas Holding (“CMVH”), the Company’s operating subsidiary in Chile. Mr Montt recently spent over a decade overseeing BHP’s corporate and legal affairs in the Americas, serving in different roles in Chile, Brazil, and Australia. He is a lawyer with vast experience leading teams in multinational mining companies and will be based in Chile.
The arrival of Mr. Montt strengthens the Company for the coming phases of the Vizcachitas Project leading to permitting and construction. He is passionate for the development of a successful and responsible business and will drive the Company’s mission to maximize the value of the Vizcachitas Project for all its stakeholders.
R. Michael Jones, P.Eng, CEO of Los Andes said: “The team at Los Andes is very honoured to have Mr. Montt, a senior, global mining executive, join us. As CEO I look forward to a highly collaborative environment in our Company since Santiago will be based in Chile and has a background in stakeholder engagement and law, and I am based in London and have an engineering and capital markets background. Together we will report to the Board with complimentary skills.”
As an inducement to Mr. Montt to join the Company, 29,312 common shares will be issued to him, all of which will be placed in escrow pending the satisfaction of certain performance targets and time release criteria during his first year of employment. An additional 34,004 common shares will be issued to him and placed in escrow pending the satisfaction during his second year of employment of performance targets to be defined by the Board and a time release criteria.
About Los Andes Copper Ltd.
Los Andes Copper Ltd. is an exploration and development company with an 100% interest in the Vizcachitas Project in Chile. Los Andes Copper Ltd. is listed on the TSX-V under the ticker: LA. Los Andes recently announced a 732-meter intercept of 0.51 % Copper Equivalent (News February 10th, 2022) from an ongoing drilling program.
The Project is a copper-molybdenum porphyry deposit, located 120 kilometres north of Santiago, in an area of very good infrastructure. The Company’s Preliminary Economic Assessment (the “PEA”), delivered in June 2019, highlights that the Project has a post tax NPV of $1.8 billion and an IRR of 20.77%, based on a $3 per pound copper price. It also has a Measured Resources of 254.4 million tonnes having a grade of 0.439% copper and Indicated Resource of approximately 1.03 billion tonnes having a grade of 0.385% copper. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to the technical report dated June 13, 2019, with an effective date of May 10, 2019 and titled “Preliminary Economic Assessment of the Vizcachitas Project”, prepared by Tetra Tech.
The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
Qualified Person (“QP”) and Quality Control and Assurance
Antony Amberg CGeol FGS, the Company’s Chief Geologist, is the qualified person who has reviewed and approved the scientific and technical information contained in this news release. The QP has validated the data by, supervising the sample collection process, through chain of custody records and inspecting the detailed technical data and quality control and assurance information.
For more information please contact:
R. Michael Jones , P.Eng CEO
Tel: +44 203 4407982
Blytheweigh, Financial PR
Tel: +44 207 138 3203
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Certain of the information and statements contained herein that are not historical facts, constitute “forward-looking information” within the meaning of the Securities Act (British Columbia), Securities Act (Ontario) and the Securities Act (Alberta) (“Forward-Looking Information”). Forward-Looking Information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend”; statements that an event or result is “due” on or “may”, “will”, “should”, “could”, or might” occur or be achieved; and, other similar expressions. More specifically, Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such Forward-Looking Information; including, without limitation, Spinnaker’s ability to raise capital, target and attract institutional and retail investors and focus on developing and expanding the network of investors, analysts and financial intermediaries who are interested in Los Andes. Such Forward-Looking Information is based upon the Company’s assumptions regarding global and Chilean economic, political and market conditions and the price of metals and energy, and the Company’s production. Among the factors that have a direct bearing on the Company’s future results of operations and financial conditions are changes in project parameters as plans continue to be refined, a change in government policies, competition, currency fluctuations and restrictions and technological changes, among other things. Should one or more of any of the aforementioned risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the Forward-Looking Information. Accordingly, readers are advised not to place undue reliance on Forward-Looking Information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise Forward-Looking Information, whether as a result of new information, future events or otherwise.
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