Cordoba Minerals Announces the Receipt of US$4 Million Joint Venture Funding from JCHX

Rhea-AI Summary

Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) announces receipt of US$4 million joint venture funding from JCHX Mining Management Co., Ltd. for the Alacran Project in Colombia. The short-term loan bears 12% interest and is payable within 12 months or upon the second US$40 million installment. The funds will be used for project advancement and general corporate purposes.

[DATELINE]Sarah Armstrong-Montoya, President and Chief Executive Officer of Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) (otherwise "Cordoba" or the "Company"), is pleased to announce that CMH Colombia S.A.S., the joint venture vehicle that owns 100% of the Alacran Project, in Colombia, has received the previously announced joint venture funding of US$4 million in the form of a short-term loan (the "Loan") from a subsidiary of JCHX Mining Management Co., Ltd. ("JCHX") (refer to Cordoba's news release dated October 4, 2023).

The Loan bears simple interest at 12% per annum and payable on its maturity date, which is the earlier of (i) 12 months after the date of the loan agreement, and (ii) the date the second installment of US$40 million becomes payable by JCHX under the US$100 million strategic arrangement (refer to Cordoba's news release dated December 8, 2022). If the maturity date occurs as the date of the second installment, the outstanding amount under the Loan may be deducted from the second installment.

The proceeds from the Loan will be used to ensure continued advancement of the Alacran Project, and for general corporate purposes.

"With the support from our joint venture partner, JCHX, the Alacran Project is well underway towards the completion of its Feasibility Study and Environmental Impact Assessment," commented Ms. Sarah Armstrong-Montoya, President and CEO of Cordoba.

About Cordoba

Cordoba Minerals Corp. is a mineral exploration company focused on the exploration, development and acquisition of copper and gold projects. Cordoba is jointly developing the Alacran Project with JCHX Mining Management Co., Ltd., located in the Department of Cordoba, Colombia. Cordoba also holds a 51% interest in the Perseverance Copper Project in Arizona, USA, which it is exploring through a Joint Venture and Earn-In Agreement. For further information, please visit www.cordobaminerals.com.

ON BEHALF OF THE COMPANY
Sarah Armstrong-Montoya, President and Chief Executive Officer

Information Contact

Ran Li +1-604-689-8765
info@cordobamineralscorp.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, the Alacran Project and development thereof. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Cordoba operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. 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 actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law. Readers are cautioned not to put undue reliance on these forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186603

FAQ

What is the purpose of the US$4 million joint venture funding received by Cordoba Minerals Corp. (CDB)?

The funding is for the Alacran Project in Colombia, specifically for the completion of its Feasibility Study and Environmental Impact Assessment, as well as for general corporate purposes.

Who is the joint venture partner providing the funding?

The funding is provided by JCHX Mining Management Co., Ltd.

What are the terms of the short-term loan?

The loan bears 12% interest and is payable within 12 months or upon the second US$40 million installment, with the possibility of deducting the outstanding amount from the second installment.

How will the funds be utilized?

The funds will be used to ensure continued advancement of the Alacran Project and for general corporate purposes.