VANCOUVER, BC, May 13, 2024
/CNW/ - Filo Corp. (TSX: FIL) (Nasdaq First North Growth
Market: FIL) (OTCQX: FLMMF) ("Filo", or the "Company") announces
that notice has been provided by NGEx Minerals Ltd. ("NGEx") and
Lundin Mining Corporation ("Lundin Mining") to jointly buy-back two
thirds of the existing 3% Net Smelter Royalty ("NSR") attached to
three mineral claims (Nacimiento 1, Nacimiento 2, and Vicuña 4) in
San Juan Province, Argentina which
cover NGEx's Lunahuasi and Lundin Mining's Cumbre Verde
copper-gold-silver projects. In consideration for the joint
repurchase, Filo will receive $2M
cash consideration, and following the closing of the transaction,
Filo retains a 1% NSR over the claims. View PDF
Commenting on the release, Jamie
Beck, President, and CEO stated, "In 2018, we entered
into an asset purchase agreement between the Argentine subsidiaries
of Filo and NGEx's predecessor, to transfer some mineral claims in
order to facilitate the future development of the Josemaria
project. As part of that consideration, Filo retained a 3% NSR over
the claims, of which 2% was subject to buy-back. It's not
surprising, given the recent copper discovery at Lunahuasi and
drilling at Cumbre Verde, that this buy-back right has now been
exercised. Through our retained 1% NSR over those claims, Filo
shareholders maintain exposure to continued success at both
projects."
Mr. Beck continued, "I'm proud to share that our
Sustainability Summary for 2023 has also been published;
highlighting our continuous journey to integrate our sustainability
commitments across all aspects of our business."
Sustainability Summary
Filo's Sustainability Summary Report was published on
May 9, 2024 and is now available on
our website. The Report builds on Filo's inaugural summary report
from 2022 and outlines our growing social and community programs.
It summarizes the Company's Sustainability Framework and
commitments to guide the Company moving forward, discloses Filo's
baseline data, and provides more transparency to our
stakeholders.
On behalf of Filo,
Jamie Beck
President and CEO
About Filo del Sol
Filo del Sol is a high-sulphidation epithermal
copper-gold-silver deposit associated with one or more large
porphyry copper-gold systems. Overlapping mineralizing events
combined with weathering effects, including supergene enrichment,
have created several different styles of mineralization, including
structurally controlled and breccia-hosted gold, manto-style
high-grade silver (+/- copper) and high-grade supergene enriched
copper within a broader envelope of disseminated, stockwork and
breccia-hosted sulphide copper and gold mineralization. This
complex geological history has created a heterogeneous orebody
which is characterized by zones of very high-grade copper +/- gold
+/- silver mineralization within a large envelope of more
homogeneous, lower-grade mineralization.
About Filo Corp.
Filo is a Canadian exploration and development company focused
on advancing its 100% owned Filo del Sol copper-gold-silver deposit
located in San Juan Province, Argentina and adjacent Region III,
Chile. The Company's shares are
listed on the TSX and Nasdaq First North Growth Market under the
trading symbol "FIL", and on the OTCQX under the symbol "FLMMF".
Filo is a member of the Lundin Group of Companies.
Additional Information
The Company's certified adviser on the Nasdaq First North Growth
Market is Aktieinvest FK AB, +46 8 506 51703,
rutger.ahlerup@aktieinvest.se.
The information contained in this news release was accurate at
the time of dissemination, but may be superseded by subsequent news
release(s). The Company is under no obligation, nor does it intend
to update or revise the forward-looking information, whether as a
result of new information, future events or otherwise.
This information was submitted by Filo Corp. for publication,
through the agency of the contact person set out below, on
May 13, 2024 at 08:30 pm EDT.
For Further Information Please Contact:
info@filocorp.com
www.filocorp.com
www.thelundingroup.com
Cautionary Note Regarding Forward-Looking Statements
Certain statements made and information contained herein in the
news release constitutes "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities legislation (collectively, "forward-looking
information"). The forward-looking information contained in this
news release is based on information available to the Company as of
the date of this news release. Except as required under applicable
securities legislation, the Company does not intend, and does not
assume any obligation, to update this forward-looking information.
Generally, this forward-looking information can frequently, but not
always, be identified by use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "projects",
"budgets", "assumes", "strategy", "goals", "objectives",
"potential", "possible", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events, conditions or results "will", "may",
"could", "would", "should", "might" or "will be taken", "will
occur" or "will be achieved" or the negative connotations thereof.
All statements other than statements of historical fact may be
forward-looking statements.
The Company believes that the expectations reflected in the
forward-looking information included in this news release are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking information
should not be unduly relied upon. Information contained in
this news release is as of the date of this press release. In
particular, this press release contains forward-looking information
pertaining to assumptions made in the interpretation of drill
results, geology, grade, geochemistry, potential implications of
geophysics interpretations, and continuity of mineral deposits;
expectations regarding access and demand for equipment, skilled
labour and services needed for exploration and development of
mineral properties; and that activities will not be adversely
disrupted or impeded by exploration, development, operating,
regulatory, political, community, economic, environmental and/or
healthy and safety risks. In addition, this news release may
contain forward-looking statements or information pertaining to:
potential exploration upside at the Filo del Sol Project, including
the extent and significance of the porphyry copper-gold system
underlying the current Mineral Resource and the prospectivity of
exploration targets; exploration and development plans and
expenditures, including a transition to year-round operations and
the timing thereof; the ability of the Company's pandemic operating
protocol to continue to meet health and safety guidelines enabling
it to conduct its field programs as planned; the success of future
exploration activities; potential for resource expansion; ability
to build shareholder value; expectations with regard to adding to
its Mineral Reserves or Resources through exploration; expectations
with respect to the conversion of inferred resources to an
indicated resources classification; ability to execute planned work
programs; plans or ability to add additional drill rigs; timing or
anticipated results of an update to the mineral resource estimate
for Filo del Sol; government regulation of mining activities;
environmental risks; unanticipated reclamation expenses; title
disputes or claims; limitations on insurance coverage; and other
risks and uncertainties.
Statements relating to "mineral resources" are deemed to be
forward-looking information, as they involve the implied
assessment, based on certain estimates and assumptions that the
mineral resources described can be profitably produced in the
future.
The forward-looking statements contained in this news release
are made as at the date of this news release and Filo does not
undertake any obligations to publicly update and/or revise any of
the included forward-looking statements, whether as a result of
additional information, future events and/or otherwise, except as
may be required by applicable securities laws. Forward-looking
information is provided for the purpose of providing information
about management's current expectations and plans and allowing
investors and others to get a better understanding of the Company's
operating environment. Forward-looking information is based on
certain assumptions that the Company believes are reasonable,
including that the current price of and demand for commodities will
be sustained or will improve, the supply of commodities will remain
stable, that the general business and economic conditions will not
change in a material adverse manner, that financing will be
available if and when needed on reasonable terms and that the
Company will not experience any material labour dispute, accident,
or failure of plant or equipment. These factors are not, and should
not be construed as being, exhaustive. Although the Company has
attempted to identify important factors that would cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated, or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. All the forward-looking information
contained in this document is qualified by these cautionary
statements. Readers are cautioned not to place undue reliance on
forward-looking information due to the inherent uncertainty
thereof.
Follow Us
Twitter:
https://twitter.com/filo_corp
LinkedIn:
https://www.linkedin.com/company/filocorp/
Instagram:
https://www.instagram.com/filo_corp/
Facebook:
https://www.facebook.com/FiloCorpOfficial
SOURCE Filo Corp.