Los Andes Announces Approval of Acquisition of Water Rights and Studies for Hydroelectric Generation Facility
January 23 2014 - 6:30AM
Marketwired
Los Andes Announces Approval of Acquisition of Water Rights and
Studies for Hydroelectric Generation Facility
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 23, 2014) - Los
Andes Copper Ltd. ("Los Andes", or the "Company")
(TSX-VENTURE:LA)(PINKSHEETS:LSANF) is pleased to announce that the
Company has received approval from the TSXV for the acquisition by
the Company from Turnbrook Mining Ltd. ("TBML") of the
non-consumptive water rights over a section of the Rocin River,
Putaendo, Fifth Region, Chile, together with the engineering and
other studies and reports for the development of a run-of-river
hydroelectric project generation facility (collectively, the "Hydro
Electric Project"). The Company received written consents for the
acquisition from a majority of shares held by disinterested
shareholders of the Company representing 61.5% of the disinterested
shares.
As consideration for the acquisition, the Company will issue to
TBML 37,500,000 shares in the capital of the Company. At current
market value for the Company's common shares, Los Andes is
effectively purchasing the Hydro Electric Project at a discount of
approximately 48% to the Cdn$14,450,000 deemed value supported by
the fairness opinion obtained by the Company.
Mr. Eduardo Covarrubias, President and CEO, stated, "We are
extremely pleased to have received the votes of disinterested
shareholders holding more than 62 million shares approving the
acquisition of the Hydro Electric Project. As we have already
stated, Los Andes management believes that the acquisition of the
Hydro Electric Project will bring a number of important benefits to
the Company, including the potential to not only provide a portion
of the power requirements for the Company's mine, but also cash
flow until the power is required by the Company. Funds generated by
the Hydro Electric Project could also help fund the mine's
pre-construction development and other ongoing costs, and
potentially reduce the need for future dilution of the Company's
shares."
Certain of the information and statements contained herein
that are not historical facts, constitute "forward-looking
information" within the meaning of the Securities Act (British
Columbia), Securities Act (Ontario) and the Securities Act
(Alberta) ("Forward-Looking Information"). Forward-Looking
Information is often, but not always, identified by the use of
words such as "seek", "anticipate", "believe", "plan", "estimate",
"expect" and "intend"; statements that an event or result is "due"
on or "may", "will", "should", "could", or might" occur or be
achieved; and, other similar expressions. More specifically,
Forward-Looking Information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company, or industry results, to
be materially different from any future results, performance or
achievements expressed or implied by such Forward-Looking
Information; including, without limitation, the achievement and
maintenance of planned production rates, the evolving legal and
political policies of Chile, the volatility in the Chilean economy,
military unrest or terrorist actions, metal and energy price
fluctuations, favourable governmental relations, the availability
of financing for activities when required and on acceptable terms,
the estimation of mineral resources and reserves, current and
future environmental and regulatory requirements, the availability
and timely receipt of permits, approvals and licenses, industrial
or environmental accidents, equipment breakdowns, availability of
and competition for future acquisition opportunities, availability
and cost of insurance, labour disputes, land claims, the inherent
uncertainty of production and cost estimates, currency
fluctuations, expectations and beliefs of management and other
risks and uncertainties, including those described in Management's
Discussion and Analysis in the Company's financial
statements.
Such Forward-Looking Information is based upon the Company's
assumptions regarding global and Chilean economic, political and
market conditions and the price of metals and energy, and the
Company's production. Among the factors that have a direct bearing
on the Company's future results of operations and financial
conditions are changes in project parameters as plans continue to
be refined, a change in government policies, competition, currency
fluctuations and restrictions and technological changes, among
other things. Should one or more of any of the aforementioned risks
and uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from any
conclusions, forecasts or projections described in the
Forward-Looking Information. Accordingly, readers are advised not
to place undue reliance on Forward-Looking Information. Except as
required under applicable securities legislation, the Company
undertakes no obligation to publicly update or revise
Forward-Looking Information, whether as a result of new
information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Los Andes Copper Ltd.Eduardo CovarrubiasPresident &
CEO(56-99) 323-3156Los Andes Copper Ltd.Michael KutaCorporate
Secretary604-697-6201info@losandescopper.comwww.losandescopper.com
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