Apoquindo Minerals Inc.
TSX VENTURE : AQM
BVLAC : AQM

Apoquindo Minerals Inc.

March 17, 2009 08:55 ET

Apoquindo Minerals Announces Significant Increase in Resources at the Apoquindo Copper Oxide Project-Region II Chile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 17, 2009) - Apoquindo Minerals Inc. (TSX VENTURE:AQM)(BVLAC:AQM) -

Highlights:

- The Apoquindo Copper Oxide Project consists of two neighboring deposits: Elenita and Madrugador.

- The new combined mineral inventory for both deposits at a cut-off grade of 0.2% CuT is estimated in 31.93 Mt of 0.8% CuT in measured and indicated categories and 6.21 Mt of 0.7% CuT in inferred category.

- In Pit resources at Madrugador for a price of US$ 1.5/lbCu are 9.63 Mt @ 0.70% CuT.

- In Pit resources at Elenita for a price of US$ 1.5/lbCu are 17.29 Mt @ 0.92% CuT.

- Both deposits still remain open in several directions and in depth, with high probabilities of increasing resources. Further drilling is needed.

Apoquindo Minerals Inc. ("Apoquindo" or the "Company") (TSX VENTURE:AQM)(BVLAC:AQM) is pleased to announce the latest results of a resource estimate at its Copper Oxide Project in Chile. This new resource estimate shows an important increase with respect to the latest resource estimate issued on a Press Release on September 17, 2008. 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 45,885.15 meters of drilling in 363 holes, of which the last 22,383.05 meters (or 140 holes) were drilled by Apoquindo between February and October of 2008. After successfully validating the historical data of previous companies (3,149 meters or 21 twin holes), Apoquindo expanded and selectively in-filled missing areas at Madrugador Sur and developed new ore zones such as Madrugador Norte and Brac II. The current drill hole spacing at the explored areas is roughly 25x25 meters in plan view and to approximately 200 meters at depth.

The current figures include the results of all the drill holes completed after the previous press release (Sept 17, 2008) and the current unconstrained mineral inventory is represented by the following grade-tonnage tables:



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MADRUGADOR UNCONSTRAINED GRADE-TONNAGE TABLES
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Measured (49%) Indicated (41%)
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Cut-Off Tonnage TCu Cont Cu Tonnage TCu Cont Cu
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(CuT %) Ktons (%) ktonns Ktons (%) ktonns
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1.00 1,414 1.45 21 629 1.35 9
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0.50 4,027 0.97 39 2,956 0.84 25
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0.30 5,918 0.79 47 4,842 0.67 32
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0.20 6,639 0.73 49 5,557 0.62 34
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Measured + Indicated (90%) Inferred (10%)
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Cut-Off Tonnage TCu Cont Cu Tonnage TCu Cont Cu
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(CuT %) Ktons (%) ktonns Ktons (%) ktonns
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1.00 2,043 1.42 29 107 1.33 1
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0.50 6,983 0.92 64 699 0.78 5
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0.30 10,760 0.74 79 1,226 0.62 8
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0.20 12,196 0.68 83 1,388 0.58 8
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Whittle pits at various copper prices were constructed using updated design parameters based on preliminary figures of Apoquindo and for other mines in the area. The in-pit Mineral Resource is represented by the following grade-tonnage curve within an optimized open pit shell at a design price of 1.5 USD/lb:



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IN PIT MADRUGADOR MINERAL RESOURCES AT US$ 1.5 / lb Cu
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Cut-off Tonnage CuT Cont
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(CuT%) Ktons (%) Cu ktons
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1.00 1,809 1.41 26
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0.50 5,679 0.93 53
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0.30 8,525 0.76 64
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0.20 9,631 0.70 67
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Comparing the Mineral Inventory and In Pit resources estimated in the previous Press release of Sept 17, 2008, it is clear that Apoquindo has increased these resources significantly. This increment is in the order of 17% for the contained copper of the mineral inventory and 20% for the in-pit Mineral Resources.

ELENITA

At Elenita, the current Resource Estimate incorporates the results of a total of 43,837.29 meters drilled in 276 holes, of which Apoquindo drilled the last 20,586.29 meters (or 128 holes) during the 2nd and 3rd quarter of 2008. Apoquindo successfully validated the historical data by drilling 2,131 meters or 15 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, East and Northeast. This drilling has been largely successful, but is not yet completed. Currently the drill holes are distributed along 50 meter NW-SE sections and spaced at roughly 20-30 meters. Due to the low dip angle of the mantos, the vast majority of the holes are vertical. The current figures include the results of all the drill holes completed after the previous press release (Sept 17, 2008) and the current unconstrained mineral inventory is represented by the following grade-tonnage tables:



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ELENITA UNCONSTRAINED GRADE-TONNAGE CURVE
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Measured (24%) Indicated (56%)
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Cut-Off Tonnage TCu Cont Cu Tonnage TCu Cont Cu
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(CuT %) Ktons (%) ktonns Ktons (%) ktonns
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1.00 2,167 1.73 37 4,176 1.42 59
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0.50 4,145 1.24 52 9,462 1.03 97
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0.30 5,418 1.04 57 12,601 0.87 110
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0.20 5,952 0.97 58 13,785 0.82 113
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Measured + Indicated (80%) Inferred (20%)
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Cut-Off Tonnage TCu Cont Cu Tonnage TCu Cont Cu
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(CuT %) Ktons (%) ktonns Ktons (%) ktonns
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1.00 6,343 1.52 97 975 1.24 12
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0.50 13,607 1.09 149 3,436 0.88 30
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0.30 18,019 0.92 167 4,623 0.75 35
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0.20 19,737 0.87 171 4,820 0.73 35
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Whittle pits at various copper prices were constructed using updated design parameters based on preliminary figures of Apoquindo and for other mines in the area. The in-pit Mineral Resource is represented by the following grade-tonnage curve within an optimized open pit shell at a design price of 1.5 USD/lb:



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IN PIT ELENITA MINERAL RESOURCES AT US$ 1.5 / lb Cu
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Cut-off Tonnage CuT Cont
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(CuT%) Ktons (%) Cu ktons
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1.00 6,239 1.49 93
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0.50 13,349 1.08 144
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0.30 16,346 0.96 156
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0.20 17,285 0.92 159
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Due to its higher grades, Elenita displays even more attractive economics than Madrugador, in spite of its higher stripping ratio. Although Elenita is suitable for conventional open pit mining, underground methods may be more profitable for the deeper portion of the ore zones.

In comparison to the previous resource estimate dated Sept 17, 2008, Apoquindo has increased 41% the contained copper of the mineral inventory and 29% the in-pit Mineral Resources.

DESIGN PARAMETERS

Apoquindo has used the following parameters to design the Whittle pits containing the Mineral Resources at both deposits:



Price US$ 1.5 /lb Cu

Unit Madrugador Elenita

Slope Angle (degrees) 50 50

Mine Cost (1) US$/t rock moved 0.9 1.0

Leaching Cost (2) US$/t ore 5.3 6.5

SX/EW+G&A Cost US$/lb Cu 0.22 0.22

Recovery (3) % (CuS x 0.85+CuI x 0.70)/CuT

(1)Based on current contract mining offers

(2)Based on current US$ 60/ton acid cost

(3)Based on interpretation of bottle tests, may be simplified to 75% of CuT


FUTURE PLANS FOR THE APOQUINDO COPPER OXIDE PROJECT

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. Also, six column tests are being prepared. Apoquindo will publish the test results upon their completion, expected on mid 2009. 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 and the interpretation of the existing bottle tests as a preliminary approach to the metallurgical behavior of these ores.

The deposits remain open in several directions and in depth. Apoquindo estimates that sufficient resources have been already defined to sustain an annual production of 15 to 20 Ktons of cathodes for a mine life of 8 to 11 years. A scoping study for this purpose is being scheduled as soon as the results of the column tests become available.

QA/QC AND WORKING METHOD

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 2,000 blank, 2,000 standards and 2,000 duplicates have been inserted into the sample set, with good statistical results.

At the 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 0.2% envelope, completing the estimate below the cutoff.

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.

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. Dr. Henricksen has more than 35 years of experience and has visited the property several times during year 2008.

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 resource validation of the Geovectra S.A. resource estimates at the Apoquindo Copper Oxide Project (Elenita and Madrugador Deposits) was Dr. Tom Henricksen, a geologist with more than 35 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.

ABOUT APOQUINDO

Apoquindo Minerals Inc. (TSX VENTURE:AQM)(BVLAC: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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