Peruvian Metals Shows Successful Restart of Mineral Processing at the Aguila Norte Processing Plant in Northern Peru

Edmonton, Alberta–(Newsfile Corp. – September 1, 2020) –  Peruvian Metals Corp. (TSXV: PER) (“Peruvian Metals” or the “Company”) is pleased to provide an update regarding the mineral processing at its 80% owned fully permitted Aguila Norte Processing Plant (“Aguila Norte” or the “Plant”) located in Northern Peru. The Company successfully restarted …

Peruvian Metals Initiates Permitting Process on the High Grade Minas Maria Norte Property in South-Central Peru

Edmonton, Alberta–(Newsfile Corp. – July 21, 2020) –  Peruvian Metals Corp. (TSXV: PER) (“Peruvian Metals” or the “Company“) is pleased to announce the plans to explore and develop the Company’s 100% Minas Maria Norte Property (“Maria Norte” or the “Property”) located in the Huachocolpa Mining District in South-Central Peru. The …

PERUVIAN METALS CORP. PROVIDES UPDATE ON PALTA DORADA GOLD-SILVER-COPPER PROJECT WITH RIO SILVER INC.

(Edmonton, Alberta– July 6th, 2020) Peruvian Metals Corp. (TSXV: PER) (“Peruvian Metals” or the “Company” is pleased to announce that the Company plans to initiate during the third quarter an exploration and bulk sampling program on the high grade Au-Ag-Cu Palta Dorada project (“Palta Dorada”, “Property”) located in the Ancash …

Peruvian Metals Corp. Provides Peruvian Operational Update

Edmonton, Alberta–(Newsfile Corp. – June 25, 2020) – Peruvian Metals Corp.(TSXV: PER) (“Peruvian Metals” or the “Company”) is now preparing to restart mineral processing at its 80% owned Aguila Norte Flotation Plant (“Aguila Norte” or the “Plant”) located in Northern Peru. Since mid-March, 2020, the Peruvian government restricted all non-essential …

Peruvian Metals Provides Operational Update and Response to the COVID-19 Pandemic

Edmonton, Alberta–(Newsfile Corp. – March 27, 2020) –  Peruvian Metals Corp. (TSXV: PER) (“Peruvian Metals” or the “Company“) is pleased to provide an update regarding the mineral processing at its 80% owned fully permitted Aguila Norte Processing Plant (“Aguila Norte” or the “Plant”) located in Northern Peru. On March 16, …

Peruvian Metals Sells Base Metal Concessions In South-Central Peru for $800,000 US


Peruvian Metals Corp. (TSXV: PER) (“Peruvian Metals” or the (“Company”) is pleased to announce that it has sold the Company’s 100% owned subsidiary Corongo Exploraciónes(“Corongo”) to Mines & Metals Trading (Peru) PLC (“MMTP”) for $200,000 US cash and $600,000 US in shares. Corongo holds several concessions totaling 2420 hectares located in the Huachocolpa Mining District in South-Central Peru. MMTP is a private company based in Isle of Man and owns the 600 tonnes per day Recuperada Mill located near Corongo’s properties. MMTP has recently entered into an arm’s-length definitive business combination agreement dated Dec. 23, 2019, with Zincore Metals Inc. (“Zincore”) to complete a reverse takeover (“RTO”) of Zincore by MMTP.

The Huachocolpa Mining District is host to several producing and past-producing vein-hosted polymetallic, base metal (silver-zinc-lead-copper plus or minus gold) mines. Polymetallic mining and milling continue to be the dominant formal economic activity in the district with Compañia Minera Kolpa S.A and MMTP’s Recuperada Mill being the largest operations currently in production in the area. MMTP will now control a large land package totaling in excess of 15,000 hectares with many of the acquired Peruvian Metals’ concessions being contiguous with MMTP concessions. Peruvian Metals will retain the Minas Maria Norte property (“Maria Norte”) located 13 kms northwest of the Recuperada Mill by transferring the property to a 100% owned subsidiary of the Company.

Transactions Details

MMTP is currently undertaking an RTO with Zincore and it is expected to be completed during the second quarter of 2020. The current valuation of MMTP shares is based on a pre-RTO financing of $17.33 CDN per share. Peruvian Metals has received $200,000 US and will receive 45,008 shares of MMTP valued at $17.33 CDN or $780,000 CDN. Upon completion of the RTO, each share of MMTP will be exchanged for approximately 73.2 Zincore shares. Peruvian Metals will receive approximately 3.3 million shares in the new TSX-Venture listed corporate entity called Latitude Base Metals. Information on the company can be found at http://latitudebasemetals.com/.

Jeffrey Reeder, CEO of Peruvian Metals comments: “The Company is very pleased to have successfully divested a non-core asset to a new group controlling the 600 tpd Recuperada Flotation Plant in the Historic Mining District in South-Central Peru. In addition to the plant, Mines & Metals Trading / Latitude Base Metals have assembled an impressive land package ensuring long operational life in the district. We are fortunate to receive an early ground floor share position in the new operating company. This transaction shows the Company’s ability to generate quality prospects and Peruvian Metals will continue to apply for concessions in new areas throughout Peru.”

Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation or approved the scientific and technical disclosure contained in this news release.

About Peruvian Metals Corp.

Peruvian Metals Corp. is a Canadian Exploration and Mineral Processing company. Our business model is to provide toll milling services for clients and to produce high grade concentrates from mineral purchases. The Company continues to acquire and develop precious and base metal properties in Peru.

For further information on Peruvian Metals Corp. please visit www.peruvianmetals.com .

Peruvian Metals Corp. is a Canadian resource company listed on the

TSX Venture Exchange : Symbol “PER”

For additional information, contact: Jeffrey Reeder Tel: (647) 302-3290

Website: www.peruvianmetals.com Email: [email protected]

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.

Disclosure Regarding Forward-Looking Statements: This press release contains certain “Forward-Looking Statements” within the meaning of applicable securities legislation. We use words such as “might”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate”, “forecast” and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information.

PERUVIAN METALS CORPORATION AND RIO SILVER INC. SIGN MEMORANDUM OF UNDERSTANDING FOR THE JOINT EXPLORATION AND DEVELOPMENT OF THE PALTA DORADO GOLD-SILVER-COPPER PROJECT IN NORTHERN PERU



Peruvian Metals (“Peruvian Metals”) has signed a Memorandum of Understanding (“MOU”) with Rio Silver Inc. (“Rio Silver”) to initially establish a small-scale mining operation on the Palta Dorado Au-Ag-Cu Property (“Palta Dorado” or the “Property”) located in the Ancash Mining Department in Northern Peru. The purpose of the MOU is to establish an equal profit sharing agreement between the companies on the sales of the Au-Ag-Cu concentrates. Peruvian Metals will provide space at Peruvian Metals’ 80% owned Aguila Norte Processing Plant (“Aguila Norte or Plant”).
The property covers an area of approximately 1200 hectares and located approximately 120 kilometres southeast of the Plant. Road access to the plant is approximately 180 km’s with about 150 km’s consisting of highway. The property has had limited small scale mining in several small adits and shafts by the previous owner. Both sulphide and oxide mineral extracted from the property was shipped over 1000 kilometres to processing plants in Southern Peru.
Limited surface sampling and mapping around adits and workings has identified several oxide Au-Ag veins hosted in granodioritic rocks. The main working on the property is a fifty-three metre shaft where miners used a hoist to bring mineral to the surface. The mineralized NEE-SWW vein exposed in this main working has been observed over an 800 metre strike length on surface. Surface sampling alone couldn’t determine the grade and width of the mineralized structure due to the oxidation and cover. Samples taken from altered intrusive wallrock returns encouraging anomalous gold results.
The oxide-sulphide transition is clearly exposed in the shaft and occurs at approximately 25 metres below surface. At the initial property visit, approximately forty-five tonnes of mineral in sacks were outside of the main working ready for shipment to Southern Peru. Two composite samples were taken from these sacks and returned an average grade of 26.7 g/t Au, 23.76 oz/t Ag and 3.16% Cu. A third sample ~50 kg was taken and used for metallurgical work. The work was performed by Procesmin Ingenieros Laboratories with a head grade of 23.21 grams/MT Au, 29.04 oz/MT Ag and 4.95% Cu. Metallurgical work showed that two concentrates can be produced. The first and the most value concentrate grades 125.59 grams Au/MT, 4,808 grams Ag /MT and 24.41% Cu with a mineral to concentrate ratio of 7.8 to 1. A second marketable Au-pyrite concentrate was also produced grading 11.46 grams/MT Au, 565 grams Ag/MT and 2.90% Cu having a mineral to concentrate ratio of 2.7. This second concentrate is marketable in Peru and can be sold to traders in order to blend with higher grade arsenic gold concentrates. The overall mineral to concentrate ratio by processing this mineral would be 1:1.
Artisanal workings on a second SEE-NWW structure north of the main working exposed strongly oxidized quartz veins ranging between 30 to 70 centimetres in width. Four samples taken from mineral sacks contained heavily oxidized material ready for shipment ranged from 8.65 g/t to 17.3 g/t averaging 12.4 g/t Au. Silver assays ranged from 42 g/t and 187 g/t averaging 107 g/t Ag. A bottle-roll metallurgical sample with a head grade of 13.0 g/t Au and 102 g/t Ag returned a 92.15% gold and 65% silver recoveries over 36 hours.
The MUO will eventually lead to a 50-50 ownership between Peruvian Metals and Rio Silver in a Peruvian Company (“Joint Venture”). Equal ownership will occur once Peruvian Metals has equally matched Rio Silver’s capital investment in the property of $250,000 US. These capital expenditures will include permitting, property taxes, camp construction, property wide exploration and any infrastructure needed for mining.
The profits on the sale of concentrates will be shared between Rio Silver and Peruvian Metals after operational expenses outlined in the MUO. Operational expenses related to mining will be shared by both companies. Operational expenses will include mining, transportation of mineral and concentrates, support staff, consumable and logistics. Peruvian Metals’ 80% owned Plant will also charge the Joint Venture commercial mineral processing rates as other clients and will be considered as an operational expense.
Peruvian Metals’ will act as the operator of the Joint Venture and be responsible to obtain the small scale permits related to the mining. Peruvian Metals is very experienced in obtaining these permits and expects no serious issues. The Joint Venture has already identified an experienced underground mining who agreed to start the mobilization of the compressors and mining equipment to the site. Small-scale mining can start in the first quarter of 2020. It is expected to initially start between 400 to 600 tonnes per month working on the main workings. More crews will be added to increase production.
Jeffrey Reeder the CEO of Peruvian Metals states: “Our company is excited to jointly develop and explore the prospective Palta Dorado property with Rio Silver. The property has several high grade Au-Ag-Cu veins ready to be exploited and processed at the Aguila Norte Plant. Oxide gold material can be also exploited and sold to a number toll mills for immediate cash flow. Initial development and exploration will consist of drifting along the high grade sulphide veins generating instant cash flow. The mining engineer who has visited the site and agreed to supervise the mining has over 20 years of underground experience and is confident to be able to ship to Aguila Norte 400 to 600 tonnes in the first month of mining.”