Altiplano extends option and expands underground development at Santa Beatriz Mine, Chile

Altiplano Metals Inc. [TSXV: APN; WKN: A2JNFG] reported that the option agreement to acquire the Santa Beatriz copper-gold-iron (Cu-Au-Fe) mine has been extended for one year. Santa Beatriz is located approximately 45 km south of La Serena, Chile, and 13 km south of the El Peñón processing plant.

Alastair McIntyre, President and CEO, commented: “We are very pleased with the technical progress and results at Santa Beatriz. Extension of the option provides us the opportunity to continue our exploration and development to support further underground work. Given the similarities to the Farellon mine and our positive technical results, we are encouraged that Santa Beatriz will reveal the potential to provide high grade low-cost material for our mill, generating positive returns for the company.”

Highlights – Option Extension: Altiplano has extended its option to acquire Santa Beatriz until December 2025. The extension provides Altiplano the opportunity to continue exploration and mine preparation work. The original terms of final buyout remain the same with monthly rental payments increasing from CLP3,500,000 to CLP5,000,000.

Permitting: Current production permit for Santa Beatriz is currently 2,000 tonnes/month. Production can be extended to 5,000 tonnes per month under the Chilean national small mining permitting process.

The extension is expected after the company completes the appropriate development work. The permitting process can be completed within several weeks after submitting the request.

The company has obtained the required permits to work with and store explosives necessary to conduct ongoing mining activities

Mine Refurbishment and Sampling: Dewatering and refurbishment of the lower portions of the mine have been completed. An additional 150 metres of the historical mine area have been exposed, surveyed, mapped, and sampled.

Bulk Sampling: A targeted initial 3,500-tonne zone of mineralized material has been identified for bulk sampling.

Processing: Copper, gold, and iron material extracted from the Santa Beatriz Mine will be processed at the Company’s El Peñón processing facility. The first shipment produced at Santa Beatriz is expected to be received at the Plant in early January 2025.

The decision to develop the Santa Beatriz deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty of economic and technical risks of failure associated with any potential production decision.

Altiplano has generated over C$22.5 million from the recovery and sale (after processing costs) of more than 6.95 million pounds of copper averaging 1.8% Cu (Dec 2018 Jun 2024). Cash flow has been re-invested into equipment, underground drilling, expanding underground development at Farellon, enhancing ventilation to increase productivity and capacity, new underground development and exploration, and the start-up of the El Peñón fit-for-purpose mill and flotation plant located 15 km from the Farellon site.

Altiplano Metals has a diversified portfolio of assets that include an operating copper/gold/iron mine and a state-of-the-art operating copper/gold and iron processing facility in the final stages of completion. Altiplano is part of the Metals Group of Companies.