Atico Mining Provides Corporate Update

Rhea-AI Summary

Atico Mining Corporation (ATCMF) announced that its Colombian subsidiary, Minera El Roble S.A., has received an updated claim for approximately US$21.9 million from the Colombian National Mining Agency regarding unpaid royalties on copper production, as of December 2021. This claim is currently disputed in Colombian courts. The Company maintains that the claims are unwarranted and violate Colombian law, based on legal counsel advice. Atico continues to focus on its operational and development projects, including its El Roble mine and the La Plata VMS project in Ecuador.

Positive

• Focus on growth-oriented projects, including El Roble mine and La Plata VMS project.
• Continued cash flow generation from existing operations.

Negative

• Disputed claim of approximately US$21.9 million for unpaid royalties.

VANCOUVER, British Columbia, Dec. 23, 2021 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTCQX: ATCMF) reports that its Colombian subsidiary, Minera El Roble S.A. (the “Subsidiary”) has received an update to the claim amount from the Colombian National Mining Agency(“Agency”) related to payment of royalties on past copper production.

The Company provided an update on this matter in its press release dated July 22, 2021, where it stated that the Agency continues to send claims related to outstanding payments on past royalties despite the fact that this matter is currently being disputed in the Colombian court of law. The updated claim amount received from the Agency is now at approximately US$21.9 million for all royalties in dispute up to December 2021.

The Company, based on the advice of its Colombian legal counsel, continues to maintain its position that these claims lack merit and are in violation of Colombian law.

About Atico Mining Corporation

Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing its high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com.

ON BEHALF OF THE BOARD

Fernando E. Ganoza
CEO
Atico Mining Corporation

Trading symbols: TSX.V: ATY | OTCQX: ATCMF

Investor Relations
Igor Dutina
Tel: +1.604.633.9022

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.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘‘U.S. Securities Act’’), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

Cautionary Note Regarding Forward Looking Statements

This announcement includes certain “forward-looking statements” within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company’s mineral projects; uncertainty of meeting anticipated program milestones for the Company’s mineral projects; the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the coronavirus pandemic is minimized or not long-term; disruptions related to the COVID-19 pandemic or other health and safety issues, or the responses of governments, communities, the Company and others to such pandemic or other issues; and other risks and uncertainties disclosed under the heading “Risk Factors” in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com.

FAQ

What is the recent claim against Atico Mining Corporation related to?

Atico Mining Corporation faces a claim for approximately US$21.9 million from the Colombian National Mining Agency concerning unpaid royalties on past copper production.

How is Atico Mining responding to the royalties claim?

Atico Mining asserts that the claims lack merit and are in violation of Colombian law, based on advice from its legal counsel.

What is the impact of the royalties claim on Atico Mining's operations?

The royalties claim, currently disputed in court, could pose a financial liability for Atico Mining but does not affect its ongoing operations and cash flow generation.

What are Atico Mining's main projects?

Atico Mining's primary projects include the El Roble mine in Colombia and the La Plata VMS project in Ecuador.