Vancouver, British Columbia--(Newsfile Corp. - October 10, 2018) - Miramont Resources Corp. (CSE: MONT) (OTCQB: MRRMF) (FSE: 6MR) ("Miramont" or the "Company") is pleased to provide an update of activities at the Lukkacha and Cerro Hermoso projects in Peru.
Lukkacha
Miramont reports important progress in the Peruvian Government's evaluation for the Supreme Decree necessary to operate at Lukkacha. The decree is required for any foreign company to work within 50 kms of the international boundary - Lukkacha is approximately 35 km from the border. The Company has been notified by the Ministry of Energy and Mines (the "MEM") that Miramont´s request for developing and acquiring the project has received favorable opinion from the Defense Ministry. This is the key hurdle in the approval process, as the restriction applicable to foreign companies is based on national security reasons. MEM will now complete its internal review. Miramont anticipates that a formal recommendation will be made for the issuance of the Decree in the coming months.
Lukkacha is Miramont's new copper porphyry prospect located in Tacna Department of Peru. Miramont has an option to acquire 100% of the property. It is found within the southern Peruvian copper belt — one of the world's most important copper regions where over 750,000 tonnes of copper are produced annually. The property is 50 km southeast of the operating Toquepala Mine and in an active area of exploration interest for major copper producers.
The Company has received a report on the detailed mapping and geochemical sampling carried out by the local project vendor. Mapping has defined a core zone of interest covering an area of 2 by 2 kilometers. It is characterized by extensive alteration, mineralization and structures associated with copper porphyry deposits. Initial drill targets have been identified and will be further defined by future geophysical surveys prior to drilling. Miramont proposes to begin this work as soon as all approvals are received. Further information can be found on the Company's website.
In anticipation of the issuance of the decree and the start of exploration under Miramont's direction, the Company has begun discussion with the local communities with an aim to finalizing a long-term exploration agreement. A framework for an agreement has been reached with the local community in principal. When finalized this will allow for all surface prospecting activity up to and including a discovery and resource definition drill program.
The Company has also contracted Social Capital Group to update a socio-economic diagnosis of the area with special focus on the presence of indigenous groups that may be affected by the project. This will help the company anticipate the need for the government to engage in any community consultation process (consulta previa) if required here.
Cerro Hermoso
The Company is actively working with Peru's Ministry of Energy and Mines as it continues to evaluate local community conditions in the Cerro Hermoso area. A recent reorganization of agencies within the Ministry should result in a simplification and a shortening of the time required for this review process.
Miramont has successfully amended its option agreement for the two principal concessions at Cerro Hermoso. The amendment reduces current payments and extends the option period by an additional year. This provides Miramont the opportunity to reduce current costs while it waits for the final drill permit. The final terms of future payments are:
Sept 26, 2018 $ 70,000
Sept 26, 2019 $156,000
Sept 26, 2020 $100,000
Sept 26, 2021 $3,000,000
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. William Pincus, CPG, President and CEO of Miramont and a Qualified Person as defined by National Instrument 43-101.
About Miramont Resources Corp.
Miramont is a Canadian based exploration company with a focus on acquiring and developing mineral prospects within world-class belts of South America. Miramont's key assets are located in southern Peru. The Cerro Hermoso property hosts a 1.4km diameter breccia pipe targeting gold - polymetallic mineralization, while the Lukkacha property is targeting porphyry copper mineralization.
On behalf of the Board of Directors,
MIRAMONT RESOURCES CORP.
"William Pincus"
William Pincus, President and CEO
For more information, please contact the Company at:
Telephone: (604) 398-4493
info@miramontresources.com
www.miramontresources.com
Reader Advisory
This news release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
