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Signs Option With Soquimich for 7,760 ha Surrounding Apoquindo Copper Project
May 20, 09 05:51AM
May 20, 2009
Apoquindo Signs Option With Soquimich for 7,760 ha Surrounding Apoquindo Copper Oxide Project Antofagasta Region, Chile
- Apoquindo signs option to acquire 7760 hectares surrounding Apoquindo Copper Oxide Project to be part of Antakena Mining - its Joint Venture with Minera S.A.
- Exploration to date suggests some of the main mineralized features running between Madrugador and Elenita are present
- Expands the copper potential of the Apoquindo controlled area
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 20, 2009) - Apoquindo Minerals Inc. (TSX VENTURE:AQM) (BVLAC:AQM) ("Apoquindo") through its wholly owned subsidiary, Sociedad Contractual Minera Apoquindo Chile is pleased to announce the signing of an option to purchase agreement with Sociedad Quimica y Minera de Chile ("Soquimich") in which Soquimich has offered to sell to Apoquindo mining property totaling 7,760 ha for a total of US$ 3,542,000 over three years. Details of the option, which include a royalty (NSR) are provided below.
The optioned mining properties are adjacent to and surround an area in between the Elenita and Madrugador deposits which make up the Apoquindo Copper Oxide Project.
On April 21, 2009, Apoquindo announced a Joint Venture with Minera S.A., a diversified natural resources company, for the development of the Apoquindo Copper Oxide Project. The name of the Joint Venture is Antakena Mining.
Antakena Mining will embark on an aggressive exploration program of the Soquimich properties (geological mapping, MMI and sampling) in order to define several mineralized targets. Half of the area is covered by colluvium and some of the main mineralized features running between Madrugador and Elenita are under this overburden.
This acquisition is in line with Apoquindo's strategic focus to consolidate properties in the area of the Joint Venture, Antakena Mining (formerly the Apoquindo Copper Oxide Project). Based on Apoquindo's 2008 exploration program, the Soquimich properties will increase the exploration ground to areas that are suitable for finding more resources in the project. Soquimich is a key player in the area since it holds a large land package in Northern Chile, and most of the area optioned has not been explored by Soquimich or any other company. Several of the main structures and mineralized features between Elenita and Madrugador run through the ground of these properties.
Antakena Mining plans to do a first phase exploration program with geological mapping (1:10,000 in the whole areas and 1:2,000 in detailed areas), sampling and MMI (Mobile Metal Ion). Exploration using MMI has been very successful in the Elenita and Madrugador areas. Where the MMI and geologic mapping give positive results, drilling targets will be defined and a second phase of an exploration program including RC drilling, detailed mapping, trenching and geophysics will be evaluated.
After payment (b) and before exercising the option, Apoquindo may, for one time only, return up to 50% of the hectares included in this deal and the final payment will be reduced according to the hectares returned. Also, the parties have agreed in a royalty (NSR) payment depending on copper price in a sliding scale royalty.
Bruno Behn, Vice President of Corporate Affairs of Apoquindo commented, "We are very pleased to have optioned these concessions as they are adjacent to ours and because it is known that these types of deposits have large horizontal extensions. We hope to significantly increase our resource with these properties."
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
Apoquindo Minerals Inc. (TSX VENTURE:AQM - News) (BVL: AQM) is a Canadian based mineral exploration company whose principal purpose is the acquisition and development of base and precious metal deposits in South America. The Company is advancing its Apoquindo Copper Oxide Project in Chile comprised of highly prospective leachable copper deposits under option located in a historic mining district in the Antofagasta Region's Coastal Range through a joint venture with Minera S.A.
Management and directors have extensive experience working for the world's largest mining companies as well as several junior exploration companies. Apoquindo Minerals has offices in Santiago, Chile, Lima, Peru and Vancouver, Canada and will continue to expand its business using its effective team of experts in Exploration, Geology, Metallurgy, Mine Engineering, Law and Finance. Apoquindo is well positioned for success. Our Projects are uniquely valuable, and our knowledgeable management and directors provide a "pipeline" of growth opportunities.