Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.

Three Valley Copper Provides Corporate Update, The Canadian Business Journal

TORONTO, September 30, 2022 (GLOBE NEWSWIRE) — (TSXV: TVC) (OTCQB: TVCCF) Three Valley Copper Corp. (“Three Valley Copper” or “Company”) is 95.1% owned by Minera Tres Valles SpA (“MTV”) Property near Salamanca, Region de Coquimbo, Chile.

Judicial restructuring proceedings (“JRP”) was filed in Chile on June 13, 2022, but the Chilean court has neither confirmed nor denied the application for creditor protection. If granted, it would be the same as granted under the Creditors Protection Act. Corporate Creditors Arrangement Act in Canada.

Since the June 13, 2022 filing, MTV has been laying off more than half of its workforce, and underground contractors at Papomono mine have been demobilized. Further planned closings are expected in the fourth quarter. Papomono’s infrastructure built to date is expected to remain stable over the next 6-12 months with minimal maintenance, and MTV is currently using MTV cash to secure We expect to continue producing limited copper cathodes from existing materials on the heap reach. The resource is expected to be exhausted shortly thereafter.

Concessions from certain key suppliers and the unexpected benefit of heap reach generated by above-average precipitation over the past few months have allowed MTV to produce additional copper cathodes from its current inventory. . MTV expects copper cathodes to harvest at modest gains for the remainder of his 2022, although certain assumptions are subject to change and this forecast could change. be careful. Heap reach performance is critical and is being closely monitored in case conditions change affecting copper cathode production projections. These recent developments have given the company and MTV additional time to attract long-term investments.

The Company is a fund managed by Anglo American Marketing Limited and Kimura Capital (“senior lender” to MTV) to raise long-term investors. Currently, no solution has been identified to support MTV. The Company is not certain that this can be achieved with the cooperation of the Senior Lenders and is cautious in attributing the possibility that sufficient financial support solutions from the Senior Lenders and/or new investors will become available.

If MTV succeeds in procuring a long-term capital backing solution and restructuring its existing debt, it could materially dilute our ownership interest in MTV, including the It also includes the possibility that we may not be able to retain majority control. If long-term capital assistance solutions and/or restructuring fail, MTV could be forced into liquidation or sale, which could adversely affect our ability to recover some or all of our investment in MTV. There is a nature. Publicly traded company Three Valley Copper is expected to remain a going concern in the event of a liquidation event at MTV.

Certain defaults on senior secured debt facilities have occurred and continue to occur as a result of MTV’s current financial condition. Senior Lender expressly reserves the right, although he has not notified MTV.

About Three Valley Copper

Headquartered in Toronto, Ontario, Canada, Three Valley Copper is focused on its primary asset, Minera Tres Valles. Located in Salamanca, Chile, MTV is 95.1% owned by the company and MTV’s main assets are the Minera Tres Valles mining facility and 46,000 hectares of exploration land. For more information about the company, please visit www.threevalleycopper.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this news release contain forward-looking information (collectively, “Forward-Looking Statements“) within the meaning of applicable Canadian securities laws. The use of the words “”, “should”, “believe”, “plan”, “intend” and similar expressions are intended to identify forward-looking statements. In particular, without limiting the foregoing, this news release contains forward-looking statements regarding the following: our ability to continue as a going concern; MTV’s infrastructure has been stable for the stated period. Projected profitability and cash flow of MTV’s business. Dilution of our ownership interest in MTV and possible sale or liquidation of MTV. the potential grant and effect of judicial orders; expectations regarding MTV’s debt restructuring and additional funding;

Although TVC believes its forward-looking statements are reasonable, TVC does not guarantee future results, performance or achievements. A number of factors or assumptions are used in making forward-looking statements, including: Expected labor and material costs and available supplies. MTV’s planned maintenance will be sufficient to maintain the stability of Papomono’s infrastructure for the stated period of time. Concessions from major suppliers until the end of 2022. Certain tax rates, including the allocation of certain tax attributes, apply to MTV. continued availability of quality control; expected ability to repay MTV’s debt; JRP will continue to be a process available to MTV. MTV is able to maintain sufficient staff to continue processing operations.

Actual results, performance or achievements may not be guaranteed if the assumptions underlying the forward-looking statements prove incorrect or if one or more of the risks or other factors materialize, such as: They may differ materially from those expressed or implied by forward-looking statements. or recovery rates; (ii) copper price volatility and uncertainty; (iii) delays in government approval or funding; (iv) risks associated with mining in general (e.g., operational risks in development, exploration and production; delays or changes in plans for exploration or development projects or capital investments; uncertainties in estimates and forecasts regarding mineral reserves; production, costs, expenses, labor, health, safety and environmental risks) and industry-wide risks of other portfolio companies. (v) performance of the other party to the ENAMI Agreement; (vi) risks associated with investing in emerging markets; (vii) general economic, market and business conditions; (viii) market volatility affecting your ability to initiate or terminate an investment; (ix) commodity price and foreign exchange fluctuations and uncertainties; (x) risks associated with catastrophic events, man-made disasters, terrorist attacks, wars and other conflicts, or the occurrence of public health pandemics or other public health crises, including COVID-19; (xi) the risks disclosed under the heading “Risk Management” in his TVC management discussion and analysis for the period ended December 31, 2021; (xii) risks disclosed under the heading “Risk Factors” or incorporated by reference into his TVC Annual Information Form dated March 3, 2021; We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable Canadian securities laws.

For more information:

Michael Staresinic
President and Chief Executive Officer
Phone: (416) 943-7107
E: [email protected]

Renmark Financial Communications Co., Ltd.
Joshua Ravers: [email protected]
Phone: (416) 644-2020 or (212) 812-7680

Source: Three Valley Copper Corp.

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this news release.

CBJ Newsmaker

Three Valley Copper Provides Corporate Update, The Canadian Business Journal

Source link Three Valley Copper Provides Corporate Update, The Canadian Business Journal

Related Articles

Back to top button