Chilean Metals Inc. announces Financing
Toronto, ON. / TheNewswire / August 22nd 2016. Chilean Metals Inc. ("Chilean Metals," "CMX" or the "Company") (TSX.V:CMX, OTCQB: CMETF, SSE:CMX ).
Chilean Metals intends to place 5 million shares at $0.15 per share to enable it to drill its Zulema Project in Chile later this fall. A fee of 10% is payable in cash to eligible brokers who will also be provided a broker warrant to purchase up to 10% of the private placement at the same terms for a period of twelve months from close of the transaction.
Patrick Cruickshank Chilean CEO commented "Completion of this placement will enable us to drill on our Zulema project. It is a Copper Gold target that our geological team feels is analogous to the neighbouring Candelaria mine since previous drilling demonstrated the presence of a similar style sulphide system, intersecting 22 meters of 0.45% copper and 0.11 g.t gold. Pervasive potassic alteration, skarnification and widespread copper and gold bearing sulphides in magnetiferous andesitic rocks further support a geologic model similar to Candelaria. Our primary target is an intensely skarned hydrothermal breccia with widespread disseminated copper at surface. We would expect to drill 10 holes of about 300 metres per hole of core drilling. We will be going to Chile in September to finalize drill contracts and would anticipate a late September early October launch of drilling with results within the next 30 days."
Chilean Metals will require regulatory approval to complete the private placement.
About Chilean Metals
www.chileanmetals.com/
Chilean Metals Inc. is 100% owner of five properties comprising over 50,000 acres strategically located in the prolific IOCG ("Iron oxide-copper-gold") belt of northern Chile. It also owns a 3% NSR royalty interest on any future production from the Copaquire Cu-Mo deposit, recently sold to a subsidiary of Teck Resources Inc. ("Teck"). Under the terms of the sale agreement, Teck has the right to acquire one third of the 3% NSR for $3 million dollars at any time. The Copaquire property borders Teck's producing Quebrada Blanca copper mine in Chile's First Region.
ON BEHALF OF THE BOARD OF DIRECTORS OF
Chilean Metals Inc.
"Patrick Cruickshank"
Patrick Cruickshank, CEO
Contact: patrick@chileanmetals.com
The Qualified Person for Chilean Metals Inc., as defined by National Instrument 43-101, is Gary Lohman, P. Geo., Vice President, Exploration.
Forward-looking Statements: This news release may contain certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that CMX expects to occur, are forward looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this document include statements regarding current and future exploration programs, activities and results. Although CMX 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 may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward looking statements.
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.
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