Cordoba Minerals Corp. announced positive results from the Preliminary for the Alacran Copper-Gold-Silver Deposit. The PFS has been independently prepared by Nordmin Engineering Ltd. of Thunder Bay, Ontario, and all amounts are in United States dollars, unless otherwise stated.

Summary results of the PFS are shown below in Table 1. Probable Mineral Reserves totalling 102.1 Mt grading 0.41% copper, 0.26 g/t gold, and 2.30 g/t silver diluted. 22,000 tonnes per day ("tpd") open pit mining operation, with average annual production of 68.8 Mlbs copper, 55 koz gold, and 386 koz silver, over a 13-year Life of Mine ("LOM"). Low overall strip ratio of 1.1. During the first 6 years of production, copper, gold and silver grades within the fresh and transition rock are expected to average 0.61%, 0.29 g/t and 3.50 g/t respectively.

Total recovered production of 849 Mlbs copper, 0.7 Moz gold, and 4.7 Moz silver, with metallurgical recoveries averaging 92.5% copper, 78.1% gold, and 62.9% silver in copper and precious metals concentrates. The copper concentrate is expected to contain very low contents of deleterious elements, such as arsenic and lead. Copper C1 cash costs averaging $2.59/lb copper (before credits), and $1.18/lb net of precious metals by-product credits.

Initial capital expenditures total $434.9 million. LOM capital expenditures, including sustaining capital, reclamation and closure costs total $591.0 million. After-tax NPV8 of $415.1 million and IRR of 25.4%, representing a 2.9-year payback using the same metals price assumptions.

Financial analysis shows that 60%, or $292.1 million of the $434.9 million initial capital expenditure can be financed by debt. This would improve the after-tax IRR to 27.2%, but marginally reduce the NPV8 to $394.5 million. At current metals prices of $4.28/lb copper, $1,778/oz gold and $21.93/oz silver, after-tax NPV8 increases to $650.7 million and IRR to 32.7%, representing a 2.4-year payback[1].

The Alacran Mine is expected to generate $190.4 million in government royalty revenue plus $514.2 million in income tax revenue to support government and social programs in Colombia and local communities. The current PFS does not include the satellite deposits: Montiel East, Montiel West and Costa Azul. The combination of infill drilling in the Alacran Deposit and the inclusion of satellite deposits has the potential to significantly add value to the Project and potentially extend the mine life.

The San Matias Copper-Gold-Silver Project is located in the municipality of Puerto Libertador, Department of Cordoba, Colombia, and is approximately 160 kilometres north of Medellin. The site is road accessible from the town of Puerto Libertador, approximately 20 kilometres away. The PFS details a conventional open pit mining operation for Alacran and a processing plant.

It also includes key infrastructure components such as the WMF, external and internal access roads, power supply and distribution, freshwater supply and distribution, and water treatment plant. Open pit mining will include conventional drilling and blasting with a combination of a backhoe type excavator and front-end loader type excavator loading broken rock into haul trucks, which will haul the material from the bench to the crusher. The open pit mine plan for the PFS assumed three phases - the initial pit, the north expansion, and the south expansion.

This phased approach brings forward higher value material where possible - that is, mining at an elevated cut-off grade for the first five years of production period and stockpiling lower-grade material for later processing. During the 13-year mine life, copper, gold and silver grades are expected to average 0.41%, 0.26 g/t and 2.30 g/t respectively with a low strip ratio of 1.1. Figure 1 and Table 2 outline the Alacran Mineral Resource while Figure 2 and Table 3 collectively outline the Alacran Mineral Reserve. Figure 3 outlines the recovered metal, processing head grades and overall material movement while Figure 4 outlines the site general arrangement.