HPX majority-owned subsidiary Cordoba Minerals Corp. (TSX-V:CDB; OTCQB:CDBMF) announced that work has restarted on the Preliminary Economic Assessment (PEA) for the Alacran copper-gold deposit, located within the 100%-owned San Matias copper-gold project in Colombia. Cordoba has engaged Nordmin Engineering Ltd. to complete the PEA.
As part of the PEA, Nordmin is re-evaluating the Alacran Mineral Resource estimate with an improved geological understanding of the high-grade domains following recent drilling, metallurgical testing and re-mapping of the artisanal workings. Cordoba expects to provide an update to the Mineral Resource estimate before the end of this month, while the results of the PEA are scheduled to be completed in early July.
Cordoba has arranged for a short-term loan of US$2.4 million from HPX. The loan has been provided in the form of a grid promissory note, with Cordoba drawing down US$1.255 million on the date hereof, and bears interest at 10%, compounding only at maturity. The interest rate will increase to 12% per annum in the event that Cordoba does not repay the amount owing upon the December 31, 2019 maturity date. The purpose of the loan is to facilitate completion of the updated Mineral Resource estimate and PEA and cover corporate operations.
For more information please see Cordoba’s news release.