VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 19, 2016) - Libero Mining Corporation (TSX VENTURE:LBC) is pleased to announce it has optioned the Tomichi porphyry copper-molybdenum deposit ('Tomichi') in Colorado from Kris Weckerling and partners. Libero Mining has a five-year option until December 16, 2021 to acquire 100% of Tomichi for an exercise price of US $4 million (the 'Exercise Price'). To maintain the option, Libero Mining must make option payments in the amounts of US $40,000 by January 15, 2017, US $60,000 by December 16, 2017, US $80,000 by December 16, 2018, US $125,000 by December 16, 2019 and US $150,000 by December 16, 2020. Option payments made to maintain the option are not credited against the Exercise Price, however at any time the option may be exercised early by paying the Exercise Price with no further option payments required. The transaction is subject to TSX Venture Exchange approval.
Tomichi is located on the southern edge of the Sawatch Range in the Tomichi Mining District, Gunnison County, Southwestern Colorado and consists of 29 unpatented lode mining claims located on US Department of Agriculture Forest Service land. Tomichi was initially worked on in the 1950's by Climax Molybdenum Co. and in the 1980's by Molycorp Inc. The only drilling that has been carried out since then were five diamond core drill holes in 2012. In total 54 diamond core drill holes were completed comprising 16,747 metres of drilling indicating significant mineralised intervals, commencing near surface, with highlights including:
|*CuEq% is based on $3/lb Cu, $10/lb Mo
Mineralization at Tomichi is a typical porphyry deposit characterized by disseminated and fracture controlled molybdenite and chalcopyrite hosted by a mid-Tertiary, potassic altered, intrusive system dominated by a porphyritic quartz monzonite. The mineralized porphyry is exposed at surface on top of Copper Hill. Diamond drilling has intersected copper-molybdenum mineralization over a surface area in excess of 1,500 metres by 800 metres, to a depth of at least 600 metres and remains open to the north, east and at depth.
The technical information contained in this news release has been reviewed and approved by Libero Mining's Executive Vice President of Exploration, Leo Hathaway P.Geo., who is a Qualified Person as defined under NI 43-101
About Libero Mining Corporation
Libero plans to acquire a number of high-quality copper deposits in the Americas with a significant resource, but without any fatal flaws or significant holding costs. At the appropriate time in the cycle, these assets will be advanced and de-risked by a seasoned team to minimize dilution and maximize shareholder value.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, the ability of the Company to exercise the option and general economic, market or business conditions and regulatory and administrative approvals, processes and filing requirements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state laws.