Chakana Copper Corp. Provides Corporate and Operational Update

VANCOUVER, British Columbia, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Remo Resources Inc. (TSX-V:RER) (the “Company” or “Remo”) announces, further to the Company’s news release of October 5^th and December 5^th 2017, in respect of a proposed reverse take-over (the “Proposed Transaction”) with Chakana Copper Corp. (“Chakana”), that Chakana has now completed thirty-two drill holes over its Soledad Copper Gold Property, Peru, optioned from Condor Resources Inc., for a total of 7,962.7m out of its original plan of 16,660m.  The drill program was initiated in August 2017 and is ongoing with a single drill rig.  The program is currently ahead of schedule and under budget.

Results from the first five holes in Breccia Pipe #1 were reported in news releases October 6^th and October 25^th, 2017 and are summarized below.

* The true widths of the mineralized intervals reported in this release are difficult to ascertain and additional drilling will be required to constrain the geometry of the mineralized zones

All other results are currently embargoed pending closing of the Proposed Transaction. Samples are being assayed by ALS, a compliant full-service analytical provider to the global mining industry.  Drilling to date has focused on Breccia Pipes #1 and #5 designed to establish the geometry and grade profile of the mineralization hosted within the pipes.

Additionally, Chakana has submitted its application for a Semi-Detailed Environmental Impact Assessment (Estudio de Impacto Ambiental Semidetallado – EIA-SD) to allow for an expended exploration program that will include drilling a number of additional mineralized breccia pipes identified at surface, detailed petrography and initial geo-metallurgical testing.  A second drill rig will be added to the project upon receipt of the EIA-SD.

The Company has received conditional approval from the TSX Venture Exchange to the completion of the Proposed Transaction and completed a C$10mm concurrent financing (see news release dated November 13, 2017. The Company anticipates completion of the Proposed Transaction by January 31, 2018 and once completed (assuming TSX Venture Exchange final approval) the Company’s shares (under the name “Chakana Copper Corp.”) will be listed for trading on the TSX Venture Exchange under the symbol “PERU”.

Chakana’s President and CEO, David Kelley, will be presenting at the AME Roundup in Vancouver on Wednesday, Jan 24, 2018 (8:30 am - 12:00 pm) and displaying core in the Core Shack (Booth 718) on Monday and Tuesday Jan 22 - 23, 2018. More information about Chakana is available at www.chakanacopper.com.

Technical information in this news release has been approved by David Kelly, Qualified Professional – Geology designation from the Mining and Metallurgical Society of America, a director of Chakana and a Qualified Person as defined by NI 43-101 – Standards of Disclosure for Mineral Projects.

For further information please contact Remo Resources Inc. - Stephen Kenwood, President and CEO at (604) 638-8063 or Chakana Copper Corp. – David Kelley, President and CEO (720) 233-2166

ON BEHALF OF THE BOARD

(signed) “Stephen Kenwood”
Stephen Kenwood
President and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval.  Where applicable, the Proposed Transaction cannot close until the required shareholder approval is obtained.  There can be no assurance that the Proposed Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon.  Trading in the securities of a capital pool company should be considered highly speculative.

The Exchange has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release.

This news release contains forward-looking statements relating to the timing and completion of the Proposed Transaction, the future operations of the Company, Chakana, and the Resulting Issuer and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Proposed Transaction and the future plans and objectives of the Company, Chakana, and the Resulting Issuer are forward-looking statements that involve 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. Important factors that could cause actual results to differ materially from the Company's, Chakana’s, and the Resulting Issuer’s expectations include the failure to satisfy the conditions to completion of the Proposed Transaction set forth above and other risks detailed from time to time in the filings made by the Company, Chakana, and the Resulting Issuer with securities regulations.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, Chakana, and the Resulting Issuer. As a result, the Company, Chakana, and the Resulting Issuer cannot guarantee that the Proposed Transaction will be completed on the terms and within the time disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company, Chakana, and the Resulting Issuer will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.