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Vancouver, British Columbia--(Newsfile Corp. - March 18, 2024) - Sarah Armstrong-Montoya, President and Chief Executive Officer of Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) (otherwise "Cordoba" or the "Company") announces today that Cordoba and Bell Copper Corporation ("Bell Copper") have agreed to amend the Perseverance Joint Venture and Earn-in Agreement (the "Amended Joint Venture Agreement"), of which Cordoba has vested a 51% interest in the Perseverance Porphyry Copper Project in Arizona, USA.
Under the Amended Joint Venture Agreement, the current earn-in phase for Cordoba has been adjusted to spend C$14,200,000 by April 24, 2026 for the option to earn an 80% interest in the Perseverance Project. This adjusted project expenditure of C$14,200,000 reflects the combination of the Phase 3 and Phase 4 earn-in spending requirements in the original Agreement, and with additional project expenditures of C$1,200,000 for amending the Agreement. The timing for Cordoba to have the option to earn the 80% project interest in Perseverance remains the same, but it is now accomplished by earning straight into the 80% project interest by April 24, 2026 rather than via two earn-in phases in the original Joint Venture Agreement (refer to Table 1 below for comparison between the original and amended Agreements).
| Original Joint Venture Agreement | Amended Joint Venture Agreement | ||
| Phase 1 | C$ 1M by April 24, 2020 to earn 25% interest (completed) | Phase 1 | C$ 1M by April 24, 2020 to earn 25% interest (completed) |
| Phase 2 | Additional C$ 3M by April 24, 2022 for 51% interest (completed) | Phase 2 | Additional C$ 3M by April 24, 2022 for 51% interest (completed) |
| Phase 3 | Additional C$ 3M by April 24, 2024 for 70% interest | Phase 3 | Additional C$ 14.2M by April 24, 2026 for 80% interest (in progress) |
| Phase 4 | Additional C$ 10M by April 24, 2026 for 80% interest | ||
Table 1: Comparison of Earn-in Terms
"Cordoba continues to believe Perseverance has the potential for a massive copper porphyry system and is glad that Bell Copper is willing to work with us to adjust the Joint Venture Agreement so we could continue to explore the Project together," commented Ms. Armstrong-Montoya, President and CEO of Cordoba. "It is our plan to carry out an exploration program and TyphoonTM IP-resistivity survey at Perseverance once we obtain sufficient exploration funding and the TyphoonTM system becomes available."
About Cordoba
Cordoba Minerals Corp. is a mineral exploration company focused on the exploration, development and acquisition of copper and gold projects. Cordoba is jointly developing the Alacran Project with JCHX Mining Management Co., Ltd., located in the Department of Cordoba, Colombia. Cordoba also holds a 51% interest in the Perseverance Copper Project in Arizona, USA, which it is exploring through a Joint Venture and Earn-In Agreement. For further information, please visit www.cordobaminerals.com.