Apoquindo Minerals Inc.
TSX VENTURE : AQM

Apoquindo Minerals Inc.

September 20, 2007 17:19 ET

Apoquindo to Acquire Elenita Leachable Copper Deposit in Region II Chile-Company Continues Aggressive Acquisition Plans In Area

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2007) - Apoquindo Minerals Inc. ("Apoquindo" or the "Company") (TSX VENTURE:AQM) announces that it has signed a letter-of-intent to acquire the Elenita leachable copper deposit, 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 continues its aggressive plan for acquisitions of strata-bound leachable copper deposits in this historically important region.

Between 1993 and 1996 Minera Princeton conducted a total of approximately 14,000 meters of reverse circulation drilling in 114 holes and 7,700 meters of trenching. Minera Princeton reported for Elenita a historic resource of 9.9 million tons of 1.2% Cu, at a 0.3% copper cutoff, to a depth exceeding 250 meters. This historic resource and estimate are not in compliance with National Instrument 43-101 and should not be relied upon. In 2003, Minera Michilla carried out 17 additional reverse circulation holes no deeper than 60 m with the purpose of confirming the existing resource at that time.

Access to the property is from the Pan American Highway 35 km due north from the town of Baquedano. The property is 45 km north of the Mantos Blancos mine (113 million tons 1.86% Cu - Anglo American) on the private road to Minera Sierra Miranda. The infrastructure is excellent on roads that are maintained all year. Total drive time from Antofagasta and major ports is approximately one hour and thirty minutes.

The Elenita Project is located in the Sierra Valenzuela North North East Trend Zone, which runs parallel to the Atacama Fault System. The mineralization at Elenita hosted within manto-type deposits in gently South East dipping stratified volcanic rocks, volcaniclastic rocks, and breccias of the La Negra Formation of Jurassic age. The copper oxides occur as fracture fillings and disseminations often near volcanic flow tops. Copper oxide mineralization, principally represented by brocanthite, atacamite, chrysocolla, and malachite has been encountered by drilling to 300 meters where chalcocite and bornite are recognized as fine disseminations and in amygdules. There are also broad copper-oxide bearing vein systems noted in the district.

There are several nearby large and medium stratabound copper deposits in production with both copper oxides and copper sulfides. Other than the Mantos Blancos Mine, these mines include Michilla (50+ million tons of 1.24+% Cu), Mantos de La Luna (44+million tons of 1.26+% Cu), Sierra Miranda (18+ million tons of 0.78% Cu), Ivan (14+ million tons of 1+% Cu), and Sierra Valenzuela (10.5+ million tons of 1.7% Cu within 30 million tons of 1% Cu).

Like in the adjacent Sierra Valenzuela District, Apoquindo geologists at Elenita believe that the manto-type copper mineralization could continue underneath post-mineral cover toward flat areas on the prospect to the east, north, and west away from the Elenita manto-type leachable deposits. Apoquindo will be re-locating drill sites, check sampling, and carry out additional drilling, both core and reverse circulation, to conform to Instrument 43-101 levels of quality assurance and resource calculations. The company will also be checking the Princeton historic reports with respect to metallurgical heap leaching tests. These tests suggested that the Elenita deposits utilize only 3-4 kilograms of sulfuric acid per kilogram to produce one kilogram of fine copper.

The letter-of-intent for Elenita was signed in Santiago, Chile, on September 13, 2007, between Apoquindo and the owners for approximately 800 hectares of property. The agreed price is US$15,000,000 (fifteen million dollars of the United States of America), to be paid over 48 months with the first payment of US$300,000 due upon signing the definitive option agreement within 30 days. Additionally, Apoquindo will pay a 1% net smelter royalty to the owners.

"Acquisition of the Elenita properties, combined with those of the Madrugador Project will allow Apoquindo to develop a resource potential that would advance our effort to mine leachable copper deposits and become a significant copper producer in the Antofagasta coastal range," said Jozsef Ambrus, Chairman of Apoquindo.

Apoquindo Minerals is currently conducting aggressive mineral exploration for base metal and gold-silver properties in South America. The company's emphasis is acquiring and developing leachable copper deposits and prospects in Chile and Peru as well as acquiring and exploring properties with the potential for mega-deposits of copper and gold potential in Latin America. Apoquindo Minerals has offices in Santiago, Chile, and Lima, Peru.

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

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.

Contact Information

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