(NewsDirect)
Altaley MiningCorporation (the “ Company ” or “ Altaley ”)announces that it has amended a marketing agreement (“Agreement”)with Peak Investor Marketing (“Peak”) originally dated December 3,2021. By mutual agreement Altaley and Peak suspended the Agreementeffective September 23, 2022. At that time a total of C$36,000 of pastdue fees were outstanding and payable to Peak by Altaley.
On January 5, 2023, by mutual agreement thesuspension of the Agreement was lifted and would continue on amonth-to-month basis. It was agreed that the outstanding debt ofC$36,000 would be paid to Peak on the following paymentschedule:
- $12,000 upon closing the rights offering announced by Altaley onDecember 6, 2022
- The balance of$24,000 to be paid by the end of March 31, 2023
Altaley also agrees to grant Peak a total of100,000 incentive stock options (the “Peak Options”) exercisableat the closing price on the date of grant which will be following TSXVenture Exchange (“TSXV”) approval. The Peak Options are issued inaccordance with the terms of the Company’s Incentive Stock OptionPlan (the “Plan”) and TSXV Policy 4.4, and are subject to theapproval of the TSXV. The Peak Options vest in four stages over aperiod of 12 months, with ¼ of the Peak Options vesting three monthsafter the grant date and every three months thereafter. The PeakOptions will expire ninety days after the termination of theAgreement.
About Altaley Mining Corporation
AltaleyMining Corporation is a Canadian based mining company with two 100%owned Mexican gold, silver, and base metal miningprojects.
Altaley's Tahuehueto mining project is innorth-western Durango State, Mexico, where construction of an initial500 tpd operation is well advanced. The second stage, the 1000 tpdproject, will follow immediately after commissioning the initialstage. The operation is generating gold, silver, lead, and zinc inconcentrates.
Campo Morado is an operating polymetallic basemetal mine in Guerrero, Mexico, currently producing at an average ofapproximately 2,400 tonnes per day and is currently estimated to beMexico’s 6th largest zinc producer and is progressively increasingits copper revenues.
Visit: www.altaleymining.com
OnBehalf of the Board of Directors
(signed) “MikeStruthers”
Mike Struthers
CEO andDirector
Cautionary Note Regarding Production Decisionsand Forward-Looking Statements
Neither TSX Venture Exchangenor its Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
It should be noted thatAltaley declared commercial production at Campo Morado prior tocompleting a feasibility study of mineral reserves demonstratingeconomic and technical viability. Accordingly, readers should becautioned that Altaley’s production decision has been made without acomprehensive feasibility study of established reserves such thatthere is greater risk and uncertainty as to future economic resultsfrom the Campo Morado mine and a higher technical risk of failure thanwould be the case if a feasibility study were completed and reliedupon to make a production decision. Altaley has completed apreliminary economic assessment (“PEA”) mining study on the CampoMorado mine that provides a conceptual life of mine plan and apreliminary economic analysis based on the previously identifiedmineral resources (see News Release dated November 8, 2017, and April4, 2018). ). Furthermore, It should be noted that Altaley intends tocommence pre-production and ramp up to full commercial production atTahuehueto prior to completing a feasibility study of mineral reservesdemonstrating economic and technical viability. Accordingly, readersshould be cautioned that Altaley’s pre-production and productiondecisions will be made without a comprehensive feasibility study ofestablished reserves such that there is greater risk and uncertaintyas to future economic results from the Tahuehueto mine and a highertechnical risk of failure than would be the case if a feasibilitystudy were completed and relied upon to make such productiondecisions. Altaley has completed a positive pre-feasibility study (the“Pre-Feasibility Study”) and updated mineral reserves/resourcesestimates at its flagship Tahuehueto Mine that provides a conceptuallife of mine plan and a preliminary economic analysis based on a 1,000tonne per day operation (see News Release dated March 7, 2022)
Statements contained in this news release that are nothistorical facts are "forward-looking information" or"forward-looking statements" (collectively,"Forward-Looking Information") within the meaning ofapplicable Canadian securities laws. Forward-Looking Informationincludes but is not limited to conditions or financial performancethat are based on assumptions about future economic conditions andcourses of action; the timing and costs of future activities on theCompany's properties, such as production rates and increases;success of exploration, development and bulk sample processingactivities, and timing for processing at its own mineral processingfacility on the Tahuehueto project site. In certain cases,Forward-Looking Information can be identified using words and phrasessuch as "plans," "expects," "scheduled,""estimates," "forecasts," "intends,""anticipates" or variations of such words and phrases. Inpreparing the Forward-Looking Information in this news release, theCompany has applied several material assumptions, including, but notlimited to, that the current exploration, development, environmentaland other objectives concerning the Campo Morado Mine and theTahuehueto Project can be achieved; that commencement ofpre-production mining and milling operations at Tahuehueto willproceed as planned; the continuity of the price of gold and othermetals, economic and political conditions, and operations.Forward-Looking Information involves known and unknown risks,uncertainties and other factors which may cause the actual results,performance, or achievements of the Company to be materially differentfrom any future results, performance or achievements expressed orimplied by the Forward-Looking Information. There can be no assurancethat Forward-Looking Information will prove to be accurate, as actualresults and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on Forward-Looking Information. Except as required bylaw, the Company does not assume any obligation to release publiclyany revisions to Forward-Looking Information contained in this newsrelease to reflect events or circumstances after the date hereof or toreflect the occurrence of unanticipated events.
ContactDetails
Glen Sandwell
+1 604-684-8071
CompanyWebsite
https://www.altaleymining.com/
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