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TORONTO, April 19, 2022 (GLOBE NEWSWIRE) — Cerro Grande Mining Corporation (the “Company” or “CEG”) (CSE:CEG) (OTCQB:CEGMF) is pleased to announce that, following its press release dated March 6, 2022 (the “Release”), it filed an updated technical report for its Pimenton Mine and its Tailings Pond Gold Potential, Region 5 entitled “An Updated Technical Report on the Pimenton Mine and its Tailings Pond Gold Potential, Region 5 , Chile” (the “Report”). The report is dated April 19, 2022, and was independently prepared by Román E. Flores Villalobos, a Senior Geologist, designated as a Qualified Person (Persona Competente No. 186) by the Comisión Minera de Chile (Chilean Mining Commission) pursuant to to Canadian Securities National Instrument for Directors 43-101 – Disclosure Standards for Mining Projects (“National Instrument 43-101”). The report can be viewed under the Company’s profile at www.sedar.com and on its website at www.cegmining.com.
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There are no material differences between the information contained in the report and the information contained in the press release.
Gold recovery equipment for use on the Company’s Pimenton property, previously ordered in December 2021, has been received and Tamidak has begun testing it using tailings from the Pimenton mine at its Los Andes facility. . In the long term, the Company plans to use the funds from the gold recovery project to continue exploration for the Pimenton copper-gold porphyry as well as known gold-bearing veins.
Final work and safety permits for the tailings gold recovery project are being filed and are expected to be completed and approved by October 11, 2022.
The scientific and technical content of this press release has been reviewed and approved by Román E. Flores Villalobos, who is independent of the Company and a Qualified Person as defined by NI 43-101.
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Caution regarding forward-looking information
This press release contains “forward-looking information”, which includes, but is not limited to, statements regarding the Company’s future exploration plans for its Pimenton property, expected receipts of final working and security permits for the Pimenton tailings project and the economic benefits expected by the Company from the Pimenton tailings project. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is planned”, “budget”, “expected”, “estimates”, “forecasts”. “, “intends”, “anticipates” or “believes” or variations (including negative variations) of these words and phrases, or states that certain actions, events or results “may”, “could”, “could”, “may” or “will” be taken, occur or be realized. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of CEG may differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, the failure to obtain required permits for the Pimenton Tailings Project on a timely basis, if any, l disability é to recover gold from the Pimenton tailings project as planned and in economic quantities to generate cash for the Company, equipment failures, disruptions due to Covid 19 or other pandemics or epidemics, lack of personnel qualified to operate gold recovery equipment, future metallurgical exploration and test results, and the usual risks inherent in exploration, development, and mining operations, and other risk factors disclosed in the Company’s public filings at www.sedar.com. The forward-looking information contained in this press release is made as of the date of this press release based on the expectations, beliefs and information currently available to the Company as well as certain assumptions, including, without limitation, assumptions as to Tamidak’s ability to meet the requirements to obtain the required permits and its ability to commence and continue operations on the Pimenton Tailings Project as planned and CEG’s expectations regarding the economic benefits to be realized from the Tailings Project de Pimenton and CEG disclaims, except as required by law, any obligation to update any – forward-looking information, whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. . Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.
For more information, contact:
Peter Hogg, CFO and Interim CEO
Telephone: +56 9 9837 4476