Cobriza Metals Corp.
TSX : CZA

Cobriza Metals Corp.

March 01, 2012 04:00 ET

Cobriza Metals Updates Exploration Activities and Changes to the Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2012) - Cobriza Metals Corp. (TSX:CZA) ("Cobriza") is pleased to announce that permits for drilling at the Arikepay project have been received and drilling is planned to commence in May, 2012. In addition, high resolution helicopter-borne magnetics surveying is planned for the Arikepay, Don Gregorio, and Miraflores porphyry copper projects. Cobriza is also pleased to announce the appointment of Mr. Wesley (Wes) Hanson to the Board of Directors.

Drilling

At Arikepay, a contract has been signed for a Phase One 2,500 to 3,000 metres (m) reverse circulation (RC) drill program. Drilling is planned to start in May 2012 when a suitable drill rig is expected to become available. Access road and drill platform preparation have been mostly completed.

Drilling at Arikepay will focus on two areas. The first area consists of poorly exposed phyllic and silicic alteration covering an area measuring about 700m north-south by about 900m east-west. Grab samples of these altered rocks, collected from small hand-dug pits, returned highly anomalous levels of copper, gold, and molybdenum ranging from 100 to 1,460 ppm copper, 50 ppb to 2,560 ppb (2.5 grams per tonne) gold, and 0.5 ppm to 143 ppm molybdenum. These copper values are similar to leached rocks overlying other Andean porphyry copper deposits discovered in Peru, Chile, and Argentina, including the Cerro Colorado and Spence deposits in Chile. A minimum of 4 RC drill holes are planned to test the lateral and vertical extent of this alteration and associated mineralization in this area.

Drilling in the second area is planned to test potential northern and northwestern extensions of the poorly exposed phyllic and silicic alteration. This area is covered by younger gravel cover and remains open for over 2,000m. A minimum of 8 RC holes are planned to be drilled in this area.

The Arikepay property covers two claim blocks totalling 4,000 hectares, is road accessible about 110 kilometres ("km") from the city of Arequipa, and lies 45 km south of the 3.5 billion tonne Cerro Verde copper-molybdenum mine (Freeport 54%, SMM Cerro Verde Netherlands 21%, and Buenaventura 19%) in southern Peru. Arikepay was explored previously (believed to be in the 1990s), but only a very small area appears to have been drill tested, and the copper and gold anomalies delineated by Cobriza remain untested by drilling.

"Arikepay is an exciting project for our first drill campaign, as there is near surface porphyry deposit potential associated with poorly exposed alteration and strongly anomalous copper, gold, and molybdenum rock geochemistry, as well as 'blind' porphyry deposit potential along trend under gravel cover," said Michael Thicke, President of Cobriza Metals.

Helicopter-borne Magnetics

High resolution helicopter-borne magnetics surveying is planned for the Arikepay, Don Gregorio, and Miraflores projects and is expected to commence by mid to late March, with approximately 2,250 total line-km planned to be flown between the three project areas. This magnetic data will assist in the interpretation of geological and structural features, in planning drill programs, and potentially in the direct detection of mineralization.

Director Appointment

Cobriza is pleased to announce that Mr. Wes Hanson has joined the Board of Directors. Mr. Hanson is a professional geologist and is currently President and CEO of Toronto-based Noront Resources Ltd. Prior to Noront, he served in senior management roles with Western Goldfields, Kinross, and SNC-Lavalin. Mr. Hanson has held several senior positions in the mining industry throughout his 30 year career, including direct involvement in the engineering, construction and commissioning of numerous mining projects in Canada, the US, Brazil, Chile, and Russia.

Mr. Hanson will join Michael Casselman and Federico Oviedo as Independent Directors and Michael Thicke (President) and Joanne Freeze (CEO) on the Board of Cobriza. In the interest of independence, Sean Waller has stepped down from the Board but will remain as a Technical Advisor to Cobriza.

About Cobriza Metals

Cobriza Metals Corp. is a TSX listed mineral exploration company focused on exploration and development of base metal mining projects in Peru and Latin America. On October 6, 2011, Candente Copper ("Candente Copper") completed a plan of arrangement by which all copper and lead-zinc exploration properties held in Peru by Candente Copper apart from the Cañariaco Property, as well as $6,000,000 were spun-out to Cobriza Metals Inc. Candente Copper shareholders exchanged one new share of Candente Copper and 1/5 of one share in Cobriza for every old share held in Candente Copper.

The most advanced property held by Cobriza is the Don Gregorio property which covers an underexplored porphyry copper-gold system located approximately 140 km north-northeast of Chiclayo in northern Peru. Previous exploration by other companies included 1,648m drilled in 12 holes. Assays from this drilling included 153.3 m of 0.394% copper and 0.18 grams per tonne gold. Surface rock chip sampling by Candente Copper returned the following results: 1.13% Cu and 0.902 g/t Au over 9m; 1.23% Cu and 0.260 g/t Au over 20m; and 1.36% Cu and 0.836 g/t Au over 3m.

First stage work at Don Gregorio will include detailed mapping, rock chip sampling and geophysical surveys to assist in the definition of the lateral extent of the porphyry system. An initial 4,000m of drilling is planned to follow up the first stage work.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geotechnical assumptions, geological interpretations, receipt of property titles or permits, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Cobriza Metals relies upon litigation protection for forward-looking statements.

On behalf of the Board of Cobriza Metals Corp.

Michael Thicke, P.Geo., President & Director

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