Karmin Exploration Inc. reported the progress of the 2015 development program at Aripuanã located in north-western Brazil. Karmin has a 30% carried interest in Aripuanã until 12 months after the delivery of a bankable feasibility study. Compañía Minera Milpo S.A.A. has publicly reported that additional geology and engineering studies at Aripuanã are in progress with the objective of reaching feasibility level in 2016.

A site visit to Aripuanã by Karmin executives during the fourth quarter of 2015 will evaluate the extent of these studies. Affiliates of Votorantim Metais Zinc S.A. own 60% of Milpo. Votorantim has filed an extensive Environmental Impact Study (EIS) on Aripuanã with the Secretaria de Estado do Meio Ambiente in Brazil.

This multi-volume report describes all aspects of the future development of a 5,000 tonne per day underground mine having an operational life of 15 years. The milling facility would produce an annual average of 65,000 tonnes of zinc, 25,000 tones of lead and 5,000 tones of copper in concentrate. The production of silver and gold is not specified.

The EIS includes significant analyses of the flora, fauna and all other environmental parameters as required by Brazilian law. Milpo and Votorantim jointly own 70% of Aripuanã and are responsible for 100% of expenditures until 12 months after the delivery of a bankable feasibility study.