Apoquindo Minerals Inc.
TSX VENTURE : AQM
BVL : AQM

Apoquindo Minerals Inc.

September 17, 2008 09:10 ET

Apoquindo Minerals Adds Significant Resources to Its Copper Oxide Project in Northern Chile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 17, 2008) - Apoquindo Minerals Inc. (TSX VENTURE:AQM)(BVL:AQM) -

Highlights:

- The combined mineral inventory of Madrugador and Elenita deposits, at a cutoff grade of 0.2%TCu, has been estimated in 25 million tons of 0.8% TCu in measured + indicated categories and 3.6 million tons of 0.7% TCu in inferred category.

- At Madrugador and Elenita, the mineral inventory increased 200% and 32%, respectively

- Both deposits contain Mineral Resources suitable for conventional open pit mining

- Both deposits still remain open in several directions meriting further drilling

- Apoquindo estimates that sufficient resources have been already encountered to sustain a production in the range of 10-20 Ktons of cathodes per year and a scoping study for this purpose is being scheduled.



Madrugador Mineral Inventory
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Measured (55%) Indicated (34%)
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Cut-off Cont Cu Cont Cu
(CuT %) Ktons TCu (%) ktons Ktons TCu (%) ktons
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1.00 1,164 1.39 16 431 1.22 5
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0.50 3,628 0.93 34 2,299 0.79 18
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0.30 5,543 0.75 42 4,064 0.62 25
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0.20 6,217 0.69 43 4,525 0.58 26
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Measured + Inferred
Indicated (89%) Resources (11%)
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Cut-off Cont Cu Cont Cu
(CuT %) Ktons TCu (%) ktons Ktons TCu (%) ktons
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1.00 1,595 1.35 21 173 1.25 2
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0.50 5,928 0.88 52 753 0.81 6
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0.30 9,606 0.70 67 1,338 0.63 8
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0.20 10,743 0.64 69 1,468 0.60 9
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Elenita Mineral Inventory
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Measured (47%) Indicated (42%)
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Cut-off Cont Cu Cont Cu
(CuT %) Ktons TCu (%) ktons Ktons TCu (%) ktons
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1.00 2,247 2.19 49 2,024 1.88 38
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0.50 3,719 1.61 60 3,785 1.33 50
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0.30 5,223 1.26 66 5,397 1.05 57
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0.20 6,777 1.03 69 7,394 0.84 62
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Measured + Inferred
Indicated (89%) Resources (11%)
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Cut-off Cont Cu Cont Cu
(CuT %) Ktons TCu (%) ktons Ktons TCu (%) ktons
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1.00 4,271 2.04 87 458 1.60 7
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0.50 7,505 1.47 110 1,143 1.06 12
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0.30 10,620 1.15 122 1,662 0.86 14
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0.20 14,171 0.92 131 2,116 0.73 15
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Apoquindo Minerals Inc. ("Apoquindo" or the "Company") (TSX VENTURE:AQM)(BVL:AQM) is pleased to announce the results of a resource estimate at its Copper Oxide Project in Chile. The Apoquindo Minerals Copper Oxide Project consists of two historically defined deposits, Elenita and Madrugador, which are within 18 km's of each other. The area is located in the Antofagasta Coastal Range about 100 km northeast of the port of Antofagasta.

MADRUGADOR

At Madrugador, the current Resource Estimate incorporates the results of a total of 40,291 meters of drilling in 329 holes, of which the last 16,789 meters (or 117 holes) were drilled by Apoquindo during the first half of 2008. After successfully validating the historical data of previous companies (3149 meters or 21 twin holes), Apoquindo expanded and selectively in-filled missing areas at Madrugador Sur and developed new ore zones. The current drill hole spacing at the explored areas is roughly 25x25 meters in plan view to approximately 200 meters at depth: drilling continues.

Comparing the historical resource figure defined by the previous companies (2.14 Mtons of 1.14 %TCu, a non compliant resource for purposes of NI-43-101) with the grade-tonnage curve displayed above, it is apparent that Apoquindo has increased the mineral inventory by roughly 200%.

In order to validate the above grade-tonnage curve as a suitable Mineral Resource, Whittle pits were constructed at various copper prices, using similar design parameters for the other mines and projects in the area. The in-pit grade-tonnage curve within an optimized open pit at a design price of 3 USD/lb resulted in the following table:



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In-Pit Madrugador @ 3 usd/lbCu
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Cut-off Cont Cu
(CuT %) Ktons TCu (%) ktons
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1.00 1,262 1.35 17
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0.50 4,878 0.87 42
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0.30 7,870 0.69 54
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0.20 8,613 0.65 56
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0.10 8,668 0.65 56
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The figures displayed on the previous tables suggest that the Madrugador deposit may be suitable for conventional open pit mining.

ELENITA

At Elenita, the current Resource Estimate incorporates the results of a total of 41,021 meters drilled in 259 holes, of which Apoquindo drilled the last 17,770 meters (or 112 holes) during the 2nd quarter of 2008. Apoquindo successfully validated the historical data by drilling 2149 meters or 21 twin holes. Subsequent drilling by Apoquindo at Elenita was used to selectively infill missing areas and to explore new ore zones at the periphery, especially to the South and East. This drilling has largely been successful, but is not yet completed. Currently the drill holes are distributed along 50 meter NW-SE sections and spaced at roughly 20-25 meters. Due to the low dip angle of the mantos, the vast majority of the holes are vertical.

In comparison to the historical resource figure determined from the historic work (9.9 Mtons of 1.12 %TCu at a 0.2 cutoff, a non compliant resource for purposes of NI-43-101); Apoquindo has increased the mineral inventory roughly by 32%.

In order to validate this grade-tonnage curve as a suitable Mineral Resource, Whittle pits were constructed at various copper prices, using the same design parameters as for Madrugador. The in-pit grade-tonnage curve within an optimized open pit at a design price of US$3/lb resulted as follows.



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In-Pit Elenita @ 3 usd/lbCu
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Cut-off Cont Cu
(CuT %) Ktons TCu (%) ktons
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1.00 4,096 2.01 82
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0.50 7,384 1.44 106
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0.30 10,005 1.16 116
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0.20 12,380 0.99 123
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0.10 19,016 0.69 131
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Due to its higher grades, Elenita displays even more attractive economics than Madrugador, in spite of its higher stripping ratio. It is clear that the Mineral Inventory displayed for Elenita on the previous tables is a Mineral Resource suitable for conventional open pit mining, although underground methods may be more profitable for the deeper portion of the ore zones.

Future Plans for the Apoquindo Oxide Project

The Mineral Resource estimates published above were prepared by Geovectra S.A. of Chile. Apoquindo has retained AMEC to validate these resources and will produce a NI 43-101 report corresponding to this phase of the Project within 45 days.

A large number of RC samples are currently being used for metallurgical testing, consisting of bottle tests processed under various conditions and laboratory controls of the intermediate products. Apoquindo will publish the test results upon their completion. In the mean time, since both Madrugador and Elenita have records from previous testing and also from recent mining, Apoquindo is using this historical data as a preliminary approach to the metallurgical behavior of these ores.

The deposits remain open in several directions and exploration continues. Apoquindo estimates that sufficient resources have been already defined to sustain an annual production of 10-20 Ktons of cathodes and a scoping study for this purpose is being scheduled for the near future.

Quality Control and Quality Assurance:

All RC holes were sampled on a 1 meter interval in a continuous basis, with sample riffle split on site and one quarter sent to the ALS Chemex laboratory in Antofagasta and La Serena. A half sample was stored at the camp site for reference. Samples were regularly collected from the drill hole site by a truck belonging to Apoquindo, sealed on site and transported to the laboratory. Samples were prepared using the following standard protocol: drying, crushing to better than 95% passing 2 mm, splitting and pulverizing a 200 g sub sample to 95% passing 0.106 mm. All samples were analyzed for total copper and acid soluble copper. A full QA/QC program, involving insertion of appropriate fine and coarse blanks, standards and field and lab duplicates was employed with acceptable results. In this regard, more than 1,800 blank, 1,800 standards and 1,800 duplicates have been inserted into the sample set, with good statistical results.

At deposits, drill hole and surface geologic and assay data were compiled in cross sections. Section spacing was at 25m intervals and geologic models for each ore zone were constructed in plan views (benches) at 5m intervals. Solids were then produced at a nominal 0.2% TCu cutoff for the resource estimate.

At Madrugador, statistical analysis and variography conducted within the model indicated that no capping was required for high grades, and that the data was suitable to conduct estimates on bench-height composites. The variograms were found to be almost isotropic with ranges of roughly 35m and that the existing drill spacing is sufficient to generate the indicated resources required for a scoping study.

At Elenita, statistical analysis determined that the capping of grades higher than 6% TCu (0.2% of the population) was recommended. The variography showed strong anisotropy, with maximum ranges of 40m along strike and dip, while the perpendicular direction displayed minimum ranges of 5m. It was concluded that the data set was suitable to generate the indicated resources needed for a scoping study.

At both deposits, ordinary kriging was used to interpolate the grades for a 5x5x5m Block Model of mineral inventory for total and soluble copper, with ellipsoidal search with a minimum of 2 and a maximum of 8 samples, classifying Measured for half range and Indicated for entire range search distances. In the case of Elenita, individual 1m samples were used (instead of composites) in order to avoid an excessive smoothing. Furthermore, at Elenita, kriging was performed both inside and outside the o.2% envelope, completing the estimate below the cutoff.

Types of Deposits

Ore deposits at Madrugador are part of a greater cluster of copper deposits, known as the Sierra Valenzuela district. From a geological stand point, the deposits consist of stockwork and stratabound mineralization distributed in irregular pockets and ore shoots emplaced in and near to sub volcanic domes of upper Jurassic to lower Cretaceous age. These domes intrude volcanic and volcano sedimentary sequences of the La Negra Formation of Jurassic age. Madrugador Sur, the largest ore zone so far explored by Apoquindo, occupies an area of 300x250 meters, with ore shoots striking roughly NE and NW.

Elenita is a typical manto type deposit such as many known ones in the coastal range of Antofagasta (i.e. Buena Esperanza, Michilla, Ivan-Zar, etc.). Hydrothermal solutions proceeding from dioritic dykes and sills are believed to have been responsible for the emplacement of stacked mantos and hydrothermal breccias in andesitic volcanic and volcaniclastic horizons of Jurassic age. Ore zones at Elenita strike to the NE and are 5 to 30 meters thick. The mantos dip to the SE at approximately 25 degrees and have been explored to maximum depths of 300 meters.

In both deposits, copper oxides, mainly atacamite and chrysocolla, are found from the surface down to depths of 200-300 meters, mixed with an increasing proportion of sulfides starting at shallow depth. Chalcocite is largely the dominant sulfide: it has yet to be determined whether the chalcocite is of primary or secondary origin. Since chalcopyrite is almost absent in the system, the sulfide and mixed ores of these kinds of deposits are leachable at good recoveries.

Authors and Supervision

Alfredo Garcia, Exploration Manager for Apoquindo, a geologist with more than 25 years experience, is responsible for all the work conducted on the properties including the design and execution of the drilling programs and related exploration activities. The geologic model and mineral resource estimation were conducted by Geovectra S.A. under the direction of Dr. Jozsef Ambrus, principal consultant of Geovectra.

Richard Kilpatrick, P. Geol., a geologist employed by AMEC, more than 20 years of experience, and is the Qualified Person for the purposes of the independent NI 43-101. Mr. Kilpatrick has visited the properties and has reviewed the scientific and technical information contained in this press release. Dr. Thomas Henricksen is Apoquindo's in house Qualified Person for the purposes of NI 43-101 and he has also reviewed and approved the contents of the news release.

Qualified Person Notes

The mineral resource estimates contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The technical information in this news release, including the information that relates to geology, mineralization, drilling, and mineral resource estimates on the Apoquindo Copper Oxide Project (Madrugador and Elenita), is based on information prepared under the supervision of, or has been reviewed by Jozsef Ambrus, Director of Apoquindo Minerals Inc, a geologist with more than 40 years of experience.

The "qualified person" responsible for the independent resource validation of the Geovectra S.A. resource estimates at the Apoquindo Copper Oxide Project (Elenita and Madrugador Deposits) was Richard Kilpatrick P. Geol., a geologist with more than 20 years of experience.

The technical information has been included herein with the consent and prior review of the above noted qualified persons. The qualified persons have verified the data disclosed, including sampling, analytical and test data underlying the information or opinions contained herein.

All mineral resources have been estimated in accordance with the definition standards on mineral resources and mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in National Instrument 43-101, commonly referred to as NI 43-101. U.S. reporting requirements for disclosure of mineral properties are governed by the United States Securities and Exchange Commission (SEC) Industry Guide 7. Canadian and Guide 7 standards are substantially different. This News Release uses the terms "measured," "indicated" and "inferred" resources. Mineral resources which are not mineral reserves do not have demonstrated economic viability. We advise investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that enable them to be categorized as mineral reserves.

Cesar Lopez, President and CEO of Apoquindo comments: "We are pleased to report that we have increased the resources at Madrugador by 200% and Elenita by 32% over the historical figures. We fully expect that our ongoing exploration and acquisitions in the District should further increase these numbers."

About Apoquindo

Apoquindo Minerals Inc. (TSX VENTURE:AQM)(BVL: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 deposits under option located in a historic mining district in the Antofagasta Region's Coastal Range.

Management and directors have extensive experience working for the world's largest mining companies as well as several junior exploration companies. 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. Apoquindo is well positioned for success. Our Projects are uniquely valuable, and our knowledgeable management and directors provide a "pipeline" of growth opportunities.

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.

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