on Camino Minerals Corp. (isin : CA1380502080)

Camino and Nittetsu Secure Exclusive Rights to Negotiate Copper Mine Acquisition in Chile

Camino Minerals Corporation has announced an exclusivity agreement to conduct due diligence and negotiate the acquisition of the Puquios Project in Chile. This construction-ready copper project is located around 130 km northeast of La Serena in the Coquimbo region. The non-binding Letter-of-Intent (LOI) was signed on May 29, 2024, and Camino has made a CAD$100,000 cash payment for the exclusivity arrangement, valid until August 31, 2024.

The Proposed Acquisition will be a 50:50 joint venture with Nittetsu Mining Co., Ltd. Nittetsu, an operator of other significant projects in Chile, will contribute CAD$10M in initial cash, while Camino will provide CAD$10M in shares. Additionally, contingent payments of CAD$25M and a 1% net smelter return royalty are part of the consideration. If successful, this will constitute a "Reverse Takeover" under TSX Venture Exchange policies.

Camino aims to build a comprehensive copper portfolio aligned with favorable market conditions. The company views the Puquios Project as a significant addition that would expedite copper production ahead of its exploration assets in Peru. This strategic move aligns with Camino's goal of consolidating in the copper sector and creating value through cash flow generation and new discoveries.

R. H.

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