(MENAFN- Newsfile Corp) Palamina Submits DIA Application on the Coasa Gold Project
Toronto, Ontario--(Newsfile Corp. - January 14, 2019) - Palamina Corp. (TSXV: PA) has submitted a Declaración de Impacto Ambiental ("DIA") or Environmental Impact Declaration to the Peruvian Ministry of Energy and Mines for the Coasa Gold Project. The DIA is the primary environmental permit required prior to drilling.
Andrew Thomson, President of Palamina stated, "Palamina has submitted for a DIA permit in order to carry out a drill program at the Coasa Gold Project. Once approved the DIA will enable Palamina to excavate trenches and complete up to 40 drilling platforms. Palamina has outlined an initial 3,000 metre drill program to test the Veta and Phusca Zones. The DIA is expected to be approved by late May of 2019."
Within the license area covered by the DIA, 15 platforms and an initial 2,500 metres of drilling is planned at Veta and 5 platforms and 500 metres of drilling at Phusca. DIA permits allow for 40 drill platforms leaving Palamina 20 for future use. Final drill target selection will be made following the conclusion of further geological mapping, trenching and prospecting expected to recommence by the end of April. Members of Palamina's geological team are currently compiling and interpreting the results from the 9 geologic campaigns along with the independent airborne geophysical and structural studies completed in 2018.
Mr. Alistair Waddell, B,Sc (HONS), a Member of the Australian Institute of Mining and Metallurgy (MAusIMM), is a director of Palamina Corp. He is a Qualified Person as defined by National Instrument 43-101 and has supervised the preparation, compilation and review of the geological and technical contents of this press release.
About Palamina Corp.
Palamina has acquired the application and mining rights to five gold projects in south-eastern Peru in the Puno Orogenic Gold Belt (POGB), one copper-gold project in the coastal I.O.C.G. belt in Southern Peru and holds 100% interest in one exploration project in Mexico. Palamina has 29,621,381 shares outstanding and trades on the TSX Venture Exchange under the symbol PA.
FOR FURTHER INFORMATION PLEASE CONTACT:
Andrew Thomson, President
Phone: (416) 987-0722 or visit www.palamina.com
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements include, but are not limited to, the use of proceeds of the Offering and the Company's future business plans. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. A more complete discussion of the risks and uncertainties facing the Company appears in the Company's continuous disclosure filings, which are available at www.sedar.com .
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.
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