Vancouver, British Columbia–(Newsfile Corp. – November 2, 2022) - Los Andes Copper Ltd. (LA:TSXV, LSANF:OTCQX) (“Los Andes” or the “Company”) advises that Santiago Montt has been appointed as the Interim CEO of the Company, effective November 1, 2022.
Mr. Montt previously served the Company as its COO, in which position he has been responsible for the Company’s operations in Chile. Mr. Montt is a global mining executive with vast experience in leading teams in multinational mining companies. Prior to joining Los Andes, he spent over a decade at BHP overseeing corporate and legal affairs in the Americas, serving in different roles in Chile, Brazil, and Australia. His passion for the development of successful and responsible mining will continue to drive the Company’s mission to maximize the value of the Vizcachitas Project for all its stakeholders.
Mr. Montt will continue to supervise the Company’s technical team led by Antony Amberg as Chief Geologist and Manuel Matta and Magin Torres as senior mining and metallurgical consultants. This team has been working with the Company for many years and has been responsible for the development of the project being advanced with Tetra Tech in the pre-feasibility study.
Mr. Montt replaces outgoing CEO and President Michael Jones, who has resigned to pursue other business opportunities.
Los Andes Copper Chairman, Mr. Eduardo Covarrubias, stated: “We sincerely thank Mike for his contribution to Los Andes, and wish him the best in his future endeavors. The Los Andes team remains focused in advancing the pre-feasibility study which we expect to finalize by the first quarter of 2023.”
Michael Jones commented: “I am confident that Los Andes Copper will continue on the path to being recognized as holding one of the rare world class copper mines that the world urgently needs for electrification.”
About Los Andes Copper Ltd.
Los Andes Copper Ltd. is a development company with a 100% interest in the Vizcachitas Project in Chile. The Company is focused on progressing the Vizcachitas Project, which is located along Chile’s most prolific copper belt, into production.
Vizcachitas is a copper-molybdenum porphyry deposit, located 120 km north of Santiago, Chile, in an area of good infrastructure. The National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) compliant report titled “Preliminary Economic Assessment of the Vizcachitas Project” (the “PEA”), dated June 13, 2019, prepared by Tetra Tech, highlights that the Vizcachitas Project has a post-tax NPV (8% discount rate) of approximately USD$1.8 billion and an IRR of 20.77%, based on a USD$3 per pound copper price. The Vizcachitas Project has a Measured Resource of 254.4 million tonnes at a grade of 0.439% copper and an Indicated Resource of approximately 1.03 billion tonnes at a grade of 0.385% copper. The PEA can be found on the Company’s SEDAR profile at www.sedar.com.
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.
Los Andes Copper Ltd. is listed on the TSX-V under the ticker: LA.
Antony Amberg CGeol FGS, the Company’s Chief Geologist, is the qualified person under NI 43-101 who has reviewed and approved the scientific and technical information contained in this news release.
For more information please contact:
Santiago Montt, Interim CEO
Tel: +56 2 2954-0450
Pimlico Advisory, Investor Relations
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. Such Forward Looking Information includes, without limitation, the use of proceeds from the issuance of the Convertible Debenture. 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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