Apoquindo Minerals Inc.

Apoquindo Minerals Inc.

March 12, 2009 11:21 ET

Apoquindo Renegotiates Payment Schedule for Elenita Leachable Copper Deposit in Region II Chile

Highlights - Elenita is part of the Apoquindo Copper Oxide Project - 2009 option payments reduced from US$4,225,000 to US$1,000,000 - Difference of US$3,225,000 deferred to late 2010 and 2011 payments - Updated NI 43-101 Report is being prepared by the Company

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2009) - Apoquindo Minerals Inc. ("Apoquindo" or the "Company") (TSX VENTURE:AQM)(BVLAC:AQM) announces that it has signed an amendment to the option to purchase agreement to acquire the Elenita leachable copper deposit, which reduces the option payments for 2009 from US$4,225,000 to US$1,000,000 and defers the majority of the balance to October of 2010 and to October of 2011.

The Elenita deposit is part of the Apoquindo Copper Oxide Project that also includes the Madrugador deposit located 18km south of Elenita. Per the NI 43-101 report filed in November of 2008, 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.

The company is preparing updated NI 43-101 reports for both the Elenita and Madrugador Deposits that will include additional geological work and 8,410 meters of drilling results since July 22, 2008 (out of a total of 43,000 meters drilled by Apoquindo in 2008).

In the eastern part of the Elenita Property, extensions of several mantos on the large MMI anomaly remain untested. To date, exploration drilling on the MMI anomaly has generated excellent results such as RQE-123 which assayed 22m of 2.255% Cu (See November 13, 2008 Press release). Management estimates that more than 70% of this large MMI anomaly remains untested.

"The successful renegotiation of the 2009 option payments was important for the Company in its plan to advance critical studies and exploration of the Elenita deposit, which we expect will add important value to the property and to the company," said Cesar Lopez, President of Apoquindo.

Elenita is located in the Sierra Valenzuela Trend Zone and is a typical manto type deposit such as many known mines and deposits 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.

There are several nearby large and medium stratabound copper deposits in production with both copper oxides and copper sulfides: Mantos Blancos Mine (Anglo American), Michilla (Antofagasta Minerals); Mantos de La Luna; Sierra Miranda; and Lomas Bayas (Xstrata).

The new payment schedule for the Elenita Option is as follows:

Date Amount (US$) Status
On Signing (October 16, 2007) $300,000 Paid
6 months (April 16, 2008) $500,000 Paid
12 months (October 16, 2008) 2,000,000 Paid (i)
March 31, 2009 250,000
June 30, 2009 250,000
September 30, 2009 250,000
December 30, 2009 250,000
30 months (April 16, 2010) 2,225,000
36 months (October 16, 2010) 4,600,000
48 months (October 16, 2011) 4,600,000

TOTAL $ 15,225,000

(i) The Company paid an additional $24,376 to defer a portion
of this option payment until November 2008.

The option agreement includes a royalty of 1% net smelter return.

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.


Cesar Lopez


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