Apoquindo Minerals Inc.
TSX VENTURE : AQM

Apoquindo Minerals Inc.

October 16, 2007 17:00 ET

Apoquindo Signs Definitive Option for Elenita and Announces Workplan for the "Apoquindo Copper Oxide Project"

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2007) - Apoquindo Minerals Inc. ("Apoquindo" or the "Company") (TSX VENTURE:AQM) announces that it has signed the definitive option agreement to acquire the Elenita leachable copper deposit. The Elenita copper deposit is 45 kilometers north of the Mantos Blancos Mine and 18 kilometers north of the Sierra Valenzuela District of Region II Chile, where Apoquindo previously (August 23, 2007) announced the acquisition of the Madrugador leachable copper deposit.

The company refers to its regional strategy as the "Apoquindo Copper Oxide Project" currently comprised of the Elenita and Madrugador deposits which both contain leachable copper minerals and are just 18 km from each other. The objective of the Apoquindo Copper Oxide Project is to develop a resource potential that would advance our effort to mine neighboring leachable copper deposits at a central facility and thereby become a significant copper producer in the Antofagasta coastal range.

The Elenita and Madrugador deposits together represent a historic and calculated resource totaling 12 million tons greater than 1% Cu at a 0.3% overall cutoff, with a potential to confirm and significantly increase this amount. In 1997, Minera Princeton reported for Elenita a historic resource of 9.9 million tons of 1.12% Cu, at a 0.2% copper cutoff, to a depth exceeding 250 meters. Madrugador was drilled by Rayrock prior to and after 2001 and a consultant calculated a resource of 2.14 million tons of 1.1% Cu, at 0.4% Cu cutoff. These historic and calculated resources are not in compliance with Instrument 43-101 and therefore should not be relied upon. The Company continues its aggressive plan for acquisitions of leachable copper deposits in this historically important district.

"The board of Apoquindo Minerals is pleased to see the Apoquindo Copper Oxide Project begin to take shape with the two recent acquisitions of the Elenita and Madrugador properties," said Jozsef Ambrus, Chairman of Apoquindo.

The definitive option agreement for Elenita was signed in Santiago, Chile, on October 16th, 2007, between Apoquindo and the owners for approximately 800 hectares of property. The agreed price is US$15,000,000, to be paid over 48 months with the first payment of US$300,000 paid on signing the Option Contract. Additionally, Apoquindo will pay a 1% Net Smelter Return Royalty to the owners.

12 Month Workplan for the Apoquindo Copper Oxide Project

A work program has been developed for the next 12 months for the purpose of confirming and increasing the resources of Elenita and Madrugador and the completion of a NI 43-101 Report. The work program includes: mapping of the area 1:10,000 and 1:2,000, topographic survey of the entire area, geochemical sampling (MMI), trenches and surface sampling, geophysics (ground magnetics), metallurgical tests, definition of targets, RC and Core Twinning (2,000 m on Madrugador and 2,000m on Elenita), RC and Core drilling (6,000 m on Madrugador and 8,000m on Elenita), and baseline environmental work.

About Apoquindo Minerals

Apoquindo Minerals Inc. (TSX VENTURE: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 ore bodies under option which are located in the coastal range of the Antofagasta region.

Management and directors have extensive experience working with and for the world's largest copper producing companies, as well as several mining juniors. 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.

This news release has been approved by Apoquindo's Qualified Person for Instrument 43-101, consultant geologist Dr. Thomas Henricksen.

The Apoquindo Minerals exploration office in Santiago, Chile, can be reached at 562-231-5780 and the Minera Kori Tambo SAC office in Peru can be reached at 511-628-1300.

ON BEHALF OF THE BOARD OF DIRECTORS

Cesar Lopez

APOQUINDO MINERALS INC.

This news release may contain forward-looking information including but not limited to comments regarding the timing and content of upcoming financings, work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking information includes disclosure regarding possible future events, or conditions or results of operations that is based on assumptions about future economic conditions and courses of action, and therefore, involves inherent risks and uncertainties. Although management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange has not reviewed and does not take responsibility for the accuracy of this release.

Contact Information

  • Apoquindo Minerals Inc.
    Winnie Wong
    Chief Financial Officer
    (604) 687-3520
    (604) 688-3392 (FAX)