North Vancouver, BC, Canada, October 28, 2022 – Cascadero Copper Corporation (“Cascadero” or the “Company”) (TSXV:CCD) has provided an update on the proposal to form a new joint venture company (the “Proposed Joint Venture”) with Golden Minerals Company (“Golden Minerals”) with respect to the Desierto I and II concessions located in Salta, Argentina.
In mid-October 2022, Cascadero was informed by Golden Minerals that a recent ruling by the Salta Mining Court to invalidate the Desierto I concession is being appealed and that a decision on the appeal is not expected for approximately six months. By mutual agreement of the parties, Golden Minerals manages the Desierto I and II concessions in which Cascadero has a one-third interest.
Cascadero completed a rights offering on January 17, 2022 for gross proceeds of $1,500,649 and, as disclosed in the rights offering circular dated November 30, 2021, approximately $500,000 of the net proceeds would be used to participate in the Proposed Joint venture. At this time, this amount remains allocated to be used for the Proposed Joint Venture, which is now on hold until the appeal process to reinstate the Desierto I concession has been completed. Cascadero will provide further updates on the Proposed Joint Venture and the Desierto I concession reinstatement appeal as they develop.
The terms of the Proposed Joint Venture are set out in Cascadero’s news release dated November 25, 2021.
About Cascadero Copper Corporation
Cascadero Copper Corporation is focused on the exploration and development of its properties located in Salta, Argentina. The Company currently has a joint venture with Golden Minerals on its Sarita Este license. In addition, the Company has newly appointed technical advisors to work with the board and management to provide advice on exploration and development of the Cascadero mineral properties in Argentina and on other future properties of merit. The Cascadero research and development team that was instrumental in developing the patent-pending mineral processing flowsheet on Taron mineral samples are expected to continue their work under the guidance of the Board.
All material information on the Company may be found on its website at www.cascadero.com and on SEDAR at www.sedar.com.
For further information, please contact:
Dr. George Gale
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.
Cautionary Statement Regarding “Forward-Looking” Information.
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this news release relate to, among other things, the appeal to reinstate the Desierto I concession, the completion and timing of the appeal, the proposed joint venture with Golden Minerals, the use of proceeds from the rights offering, and updates on the appeal and the proposed joint venture. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the risk that the appeal may not be successful, the Company is not able to complete the proposed joint venture with Golden Minerals, or the Company does not receive the approval or acceptance of the TSX Venture Exchange for the proposed joint venture. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.