Government of Peru Establishes Roundtable for Development Projects in the Hualgayoc District and Assumes the Costs of Environmental Remediation in the Chugur District of Cajarmarca
Internacional (Marketwired, 10 de Septiembre de 2013) Southern Legacy Minerals Inc. ("Southern Legacy" or the "Company") (TSX VENTURE:LCY)(BVL:LCY) is pleased to report that the Government of Peru has approved the establishment of a Roundtable for development projects in the Hualgayoc District. In addition, the Government of Peru has also assumed the environmental liabilities and the associated costs of remediating all historical mine workings located in the Chugur District of the Cajarmarca Region of Peru.Development Roundtable in the Hualgayoc District
On August 7th, the Presidency of the Councils of Ministers ("PCM") approved the conformation of an official Roundtable for development projects related to transportation, communications, education, health and other productive investments in the Hualgayoc District of the Cajarmarca Region.
The objective of the Roundtable is to sponsor projects that promote the economic development of the Hualgayoc District in a manner that addresses the needs of the inhabitants of the District and improves upon their living standards. The goal of the Roundtable will be achieved through soliciting opinions, cooperation and technical advice from private or public institutions and the members of the community. Funds for the resulting development projects will be provided by the Government of Peru. The total funds to be allocated will be determined by the PCM in the coming weeks.
Southern Legacy and other mining companies operating in the Hualgayoc District (including Tantahuatay – a joint venture of Compania Minera Buenaventura and Southern Copper Corporation- and Gold Fields' Cerro Corona mine) will join representatives from regional and local government, community and institutions on the Roundtable.
"Southern Legacy is extremely honored to participate in this Roundtable. Initiatives led by this group will not only further enhance our relationship with members of the government and local communities, it will also foster a better work environment for mining companies that are operating there," commented Fernando Pickmann, CEO of Southern Legacy Minerals.
Environmental Remediation in the Chugur District
The Ministry of Mines has confirmed through a recently passed ministerial resolution that the Government of Peru will assume the costs of remediating the environmental liabilities found in a number of areas where historical artisanal and informal mining took place. The affected areas include the Chugur District of the Cajarmarca Region of Peru where Southern Legacy's AntaKori Project is located.
The Government of Peru has commissioned Activos Mineros S.A.C., a state-owned environmental remediation agency, to carry out the remediation work. This work is expected to commence in 2013 and will be paid for by the Government of Peru. As outlined in the ministerial resolution, the Government of Peru will address the environmental liabilities found at 18 historical mine working sites. This environmental remediation work will mainly involve the closure of artisanal, small-scale open pits, exploitation adits and tailing impoundment.
The assumption by the Government of Peru of the environmental liabilities and the costs of remediation recognizes that these liabilities pre-existed Southern Legacy's tenure to its mining claims, exonerates Southern Legacy from the associated remediation responsibilities and costs and helps foster a better environment with local inhabitants who will benefit from improved environmental conditions which have been a concern to them.
About Southern Legacy Minerals Inc.
Southern Legacy is a mineral exploration company with a portfolio of copper and gold projects in South America. Southern Legacy is currently focused on advancing its flagship copper and gold AntaKori Project (formerly known as Sinchao), located in northern Peru between Gold Fields' Cerro Corona and Buenaventura-Southern Copper's Tantahuatay mines. The AntoKori Project currently has an inferred resource estimate of 3.1 billion pounds of copper and 3.4 million ounces of gold based on average copper and gold grades of 0.48% and 0.36 g/t respectively within a mineralized zone of 294 million tonnes. Southern Legacy has the option to acquire an 83.16% interest in the company which owns 100% of the three mineral concessions that comprise the AntaKori Project. For additional information regarding the AntaKori Project, please refer to the report entitled "Technical Report – Southern Legacy Minerals Inc., AntaKori Project, Peru" dated July 2, 2012 prepared by Scott E. Wilson Consulting, Inc., a copy of which is available on the Company's SEDAR profile at www.sedar.com.
Mr. Allen David V. Heyl is Southern Legacy's Qualified Person (as defined by NI 43-101). Mr. Heyl has read and verified the scientific and technical information in this news release.
Note Regarding Forward-Looking Statement:
Certain statements contained herein constitute forward-looking statements, including statements with respect to the estimation of mineral resources. Southern Legacy believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Southern Legacy Minerals Inc.
President and CEO
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