Apoquindo Minerals Inc.
TSX VENTURE : AQM

Apoquindo Minerals Inc.

January 29, 2008 17:00 ET

Apoquindo Minerals Inc., Through its Wholly Owned Peruvian Subsidiary, Minera KoriTambo Sac, Acquires the Huarman Polymetallic (Ag-Au-Pb-Zn-Cu) Prospect in Department of Ancash, Peru

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2008) - Minera KoriTambo SAC ("KoriTambo"), a wholly owned subsidiary of Apoquindo Minerals Inc. ("Apoquindo" or the "Company") (TSX VENTURE:AQM), has signed an option purchase for a silver-gold-lead-zinc-copper mining prospect in the Department of Ancash, Peru, within the highly mineralized Huaraz area. The Huarman polymetallic prospect has been optioned from a private Peru group, Compania Minera Sumasa SAC ("Sumasa").

Huarman is located in the Department of Ancash, 45 kilometers south of the Pierina Mine, Barrick's operating unit near Huaraz, and west of the mega-deposit Antamina, owned by an operating company held jointly by BHP, Mitsubishi, Teck, and Xstrata. The prospect is located at elevations between 4200 and 4600 meters, with good access from the Lima-Huaraz highway.

The prospect consists of 756 hectares. The area has a long history of mining and since 1980 Huarman has had limited polymetallic production by artisan miners from two veins (El Rey and El Principe) as well as from the San Juan open pit and underground operation.

Both the vein-type and disseminated mineralization are hosted in silicified and phyllically altered diatreme breccia and andesite within the Calipuy Volcanics of Tertiary age. This is the same formation that hosts the nearby Pierina high sulfidation gold deposit (+7 million ounces of Au) and many other precious metal occurrences in northern Peru. The more favorable breccia at Huarman is at least 500 meters in diameter. Rock sampling by KoriTambo geologists in late 2007 exhibited surface and underground assay values of 2-3 opt Ag and 1-3 g/t gold within the breccia. Detailed geologic mapping and systematic rock sampling of the surface and underground workings (approximately 300 meters) are underway at this time by KoriTambo geologists.

The upper level Rey and Principe vein systems are in overlying andesite and are as much as 1600 meters in length and developed to a depth of 200-300 meters. These narrow upper level vein systems could be high level evidence of bulk tonnage mineralized breccias at depth. Phyllically altered dacite dikes containing disseminated chalcopyrite and other sulfides have also been recognized at Huarman.

No previous exploratory drilling has been conducted at Huarman. KoriTambo plans a 3000 meter drilling program to commence in April 2008 following the completion of the geologic, geochemical, and geophysical studies.

Currently KoriTambo is filing for the Class B permit with the government and building community relations with the local village of Succha. KoriTambo plans to employ local labor for the construction of access roads, trenches, drill platforms, and rock sampling, as well as for assisting the geophysical crew.

The terms of the option to purchase Huarman with Sumasa include the following:

1) $90,000 upon signing;

2) $200,000 after 12 months;

3) $700,000 after 24 months; and

4) $1,000,000 after 36 months.

Thus the total cost for the purchase of the property would be $1,990,000 after 36 months. Under the terms of the option agreement, Sumasa would retain a 1.5% net smelter return royalty which could be purchased by KoriTambo for $2,500,000 with certain restrictions.

Dr. Tom Henricksen, a consultant geologist of the Company and the Company's Qualified Person for the purposes of NI 43-101 has approved the information contained in this news release.

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 has offices in Santiago, Chile, Lima, Peru and Vancouver, Canada.

The Apoquindo exploration office in Santiago, Chile, can be reached at 562-231-5780 and the Minera KoriTambo 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)