Cerro de Pasco Resources Inc. (CSE: CDPR) (OTCMKTS: GPPRF) (Frankfurt: N8HP) (“CDPR” or the “Company”) is pleased to provide investors with the following update.
On November 28, 2019, the Company announced the execution of a definitive share purchase agreement dated November 27, 2019 (the “Agreement”) with Volcan Compañia Minera S.A.A. (BVL:VOLCABC1) and its subsidiaries (collectively, “Volcan”), whereby CDPR will acquire all of the issued shares of Oxidos de Pasco S.A.C. (“Oxidos”), Empresa Administradora de Cerro S.A.C (“Cerro SAC”) and Remediadora Ambiental S.A.C. (together the “Target Companies”). The arm’s length transaction (the “Transaction”) will provide CDPR ownership and operation of all mining and processing assets in Cerro de Pasco, Central Peru.
The closing of the Transaction is expected to occur during Q2 2020.
For further details about the Transaction please referred to the press release issued on November 28, 2019.
With respect to the financing of the acquisition, the Company is in discussions with various interested parties with a focus on non-dilutive options and will provide a further update shortly.
The new management team are already at Cerro de Pasco working closely with Volcan, the communities and related authorities to ensure a smooth transition of ownership ahead of closing the transaction.
The Company has engaged international mining industry consulting firm, CSA Global Consultants Canada Ltd. (“CSA Global”), to complete a geological and Mineral Resource estimate review and audit at Cerro de Pasco and to complete a Technical Report on the property in accordance with Canadian National Instrument NI 43-101 standards. CSA Global has already conducted a detailed site review and the Company expects to release a Mineral Resource estimate within the next eight to ten weeks, with the Technical Report to be filed within 45 days of this planned announcement.
About Cerro de Pasco Resources
Cerro de Pasco Resources Inc. is a resource management company, with a focus on applying the latest technology in the production of commodity metals through the treatment and reprocessing of all material resources, dumps, tailings, mining waste etc. at Cerro de Pasco in order to secure long-term economic prosperity. CDPR strives to meet to the highest level of environmental, social and legal compliance. CDPR provides extensive knowledge of Cerro de Pasco’s challenges and potential, based on first-hand experience and a team of top experts.
SOURCE: CERRO DE PASCO RESOURCES INC
DATE: NOVEMBER 28, 2019