Anacortes Mining announces termination of option agreements with MBM, transfer of surface rights and drill core associated with the Tres Cruces project

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Vancouver, British Columbia – (Newsfile Corp. – October 19, 2021) – Anacortes Mining Corp. (TSXV: XYZ) (“Anacorte” or the “Society”) is pleased to announce that it has resolved all outstanding issues with Minera Boroo Misquichilca SA (formerly Minera Barrick Misquichilca) (“MBM”) and completed the transfer of ownership of surface rights, drill core and all related data associated with its 100% owned Tres Cruces project located in north-central Peru, approximately 10 km south of the former Lagunas Norte de Barrick operation. Accordingly, MBM has no other rights related to Tres Cruces.

Mr. Jim Currie, CEO of Anacortes said: “This is an important step in the advancement of the Tres Cruces project as now all mining claims, surface rights, cores, reverse circulation pulps and rejects as well as the entire exploration database is fully owned and controlled by Anacortes. This will allow us to move forward with planning a drilling program to provide further information for the feasibility study on the oxide resource at Tres Cruces, while further exploring for gold at high grade discovered at depth, not included in initial resource estimates. “

Under a stock option and a joint participation agreement (the “Options contract”) dated May 31, 2002, subsidiary of Anacortes, New Oroperu Resources Inc. (“New Oroperu”) granted an option (the “Option”) to MBM to gain up to 70% of the capital of Aurifera Tres Cruces SA (“ATC”), a subsidiary of New Oroperu (now Anacortes), by carrying out, among other things, exploration activities on the Tres Cruces gold project owned by ATC. In 2006, in order to enable MBM to conduct exploration activities on the Tres Cruces, ATC transferred the project to MBM in accordance with the terms of a mining transfer agreement dated December 18, 2006 (the “Mining transfer agreement”).

Under the option agreement, MBM was required to make a production decision with respect to the Tres Cruces project no later than December 31, 2020 and if it did not do so, New Oroperu had the right to terminate the agreement. Option and Option. Likewise, the Mine Cession Agreement expired on its terms on December 31, 2020. The Mine Cession Agreement further provided that, shortly after its expiration, MBM would cede all surface / access rights to ATC. to the Tres Cruces project acquired by MBM during the term of the contract. Mining transfer contract for a purchase price equal to the book value of these surface rights.

MBM did not make a production decision regarding the Tres Cruces project by December 31, 2020 at the latest. October 18, 2021, following the acquisition of New Oroperu by Anacortes Mining Corp., MBM, Anacortes and its subsidiaries (including including ATC) have confirmed that the option agreement, option and mining transfer agreement have been terminated and that MBM has transferred surface / access rights to the Tres Cruces project to ATC in exchange for payment to MBM of the sum of US $ 1,620,709.

Tres Cruces is one of the highest grade undeveloped gold oxide deposits in the world with a leachable gold resource of 630,000 ounces grading 1.3 g / t contained in a larger indicated gold resource of 2,474 000 ounces grading 1.65 grams per tonne of gold and an inferred resource of 104,000 ounces grading 1.26 g / t gold.

Tres Cruces is strategically located in a very promising geological belt which is home to gold deposits as important as Yanacocha, Lagunas Norte and Pierina.

For more information visit: www.anacortesmining.com
Twitter: @anacortesmining
LinkedIn: Mines of Anacortes

On behalf of the Board of Directors:

Jim currie
President and CEO

Investor Relations Contact:

Kin Communications Inc.
Victor ostlund
604-684-6730
[email protected]

About Anacortès

Anacortes is a new growth-oriented gold company in the Americas, which owns a 100 percent interest in the Tres Cruces gold project located in Peru. Anacortes is well capitalized and initially intends to aggressively advance the oxide resource at Tres Cruces through feasibility and production under an open pit heap leach scenario. Additionally, Anacortes will continue to seek new growth opportunities in the Americas, with the goal of creating the next mid-level multi-asset gold producer.

Caution regarding forward-looking information

This press release contains forward-looking statements that constitute “forward-looking information” within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements included in this document, other than statements of historical fact, are forward-looking statements and are subject to a variety of known and unknown risks and uncertainties that could cause actual events or results to differ materially. those reflected in forward-looking statements.

Forward-looking statements contained in this press release may include, without limitation, statements about the services to be provided to the Company by Kin and ITG and the Company’s plans to aggressively advance Tres Cruces to feasibility and production. Often, but not always, these forward-looking statements can be identified by the use of words such as “anticipated”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used” , “detailed”, “has been”, “gain”, “expected”, “reflecting”, “will”, “expected”, “estimated”, “containing”, “remaining”, “to be”, or statements that events “could” or “should” occur or be achieved and similar expressions, including negative variations.

Forward-looking statements involve risks, uncertainties and other known and unknown factors, many of which are beyond the Company’s ability to control or predict and which may cause actual results, performance or achievements to differ materially. results, performances or achievements. expressed or implied by forward-looking statements. These risks include changes in general economic conditions and financial markets; political risks; the risks associated with the current and potential negative impacts of the COVID-19 pandemic on the economy, financial markets and operations of the Company; and the risks inherent in mineral exploration. Although the forward-looking statements contained in this press release are based on what each party considers to be reasonable assumptions at the time they were made, such statements are made as of the date hereof and the Company disclaims any obligation to update. update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, the reader should not place undue reliance on forward-looking statements.

The TSX Venture Exchange has in no way approved or disapproved of the contents of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100180


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