VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 21, 2013) - Cordoba Minerals Corp. (TSX VENTURE:CDB) is pleased to provide an update on the Company's proposed acquisition (the "Acquisition") of a 100%-interest in the Cordoba copper-gold property from the Minatura group of companies and in the adjacent San Matias property from Sabre Metals Inc., located in the municipality of Puerto Libertador, department of Cordoba, 200 kilometres north of Medellin, Colombia.
This agreement consolidates a major land package covering multiple porphyry copper-gold targets along an inferred northern extension of the prolific Middle Cauca gold belt of central Colombia, in which several major gold discoveries have been made in recent years. Several intrusive centres have been identified on the two properties and until recently neither property had been drilled, despite a long history of both alluvial and hard rock mining.
In September, the Company announced that Sabre had completed a short four hole, phase one diamond drilling program of approximately 575 metres (see press release dated September 23rd, 2013). The assay results of this program are pending.
Simon Ridgway, Chief Executive Officer of the Company, commented: "We're pleased that the acquisition is progressing according to plan given the complexity of the transaction. As a vote of confidence in the project and the transaction, we have received to date proceeds of $1.93m from the exercise of Cordoba warrants, for which I'd like to thank our shareholders."
Accelerated Warrants Expiry
Management wishes to remind its warrantholders that the last day to exercise the Company's $0.50 warrants is Wednesday, October 23, 2013.
Transaction Update
In addition to the terms set out in the Company's news release of August 1, 2013, the Acquisition will involve, subject to shareholder and Exchange approval, a one-for-two consolidation of the Company's shares, to be effective concurrently with completion of the Acquisition. Management is of the view that the consolidation is in the best interests of the Company and its shareholders as it will facilitate future equity financings and new business opportunities for the Company.
The Company has made an initial filing submission to the Exchange regarding the Acquisition, and expects to be announcing soon a date for the shareholders' meeting required in order to request approval to the Acquisition, share consolidation and related matters.
As well, Canaccord Genuity Corp. has agreed, subject to completion of satisfactory due diligence, to act as sponsor to the Company in connection with the Acquisition. An agreement to sponsor should not be construed as any assurance with respect to the merits of the Acquisition or the likelihood of completion.
The Company also announces that its management has determined that it is in the best interests of the Company to extend the expiry date of certain private placement warrants previously issued by the Company. Accordingly, subject to TSX Venture Exchange acceptance, the expiry date of outstanding warrants entitling the holders to purchase a total of 1,176,738 shares at $1.00 per share has been extended by one year to April 10, 2015.
About Cordoba Minerals
Cordoba Minerals Corp. is a Vancouver-based mineral exploration company focused on the acquisition and exploration of copper and gold projects in Colombia. Cordoba currently owns 11% of the Cordoba property, and has entered into a proposed transaction, subject to Exchange approval, to acquire the remaining 89% interest, plus a 100% interest in the adjacent San Matias Property. The Company is also actively pursuing additional acquisitions in Colombia. Please visit www.cordobamineralscorp.com for further information.
ON BEHALF OF THE COMPANY
Simon Ridgway, Chief Executive Officer
Cordoba Minerals Corp.
Symbol: TSX VENTURE:CDB
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release includes certain "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the expected benefits of the Acquisition, the completion of the Acquisition, the receipt of any regulatory and shareholder approvals for the Acquisition and the potential of the properties are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.