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Cerro de Pasco Resources Completes Payment for Critical Easement, Mobilizes Drilling Program and Prepares Financing

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES MONTRÉAL, June 27, 2024 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (CSE:CDPR) (OTCPK: GPPRF) (FRA: N8HP) ("CDPR" or the "Company") is pleased to inform that, following the publication of the Supreme Resolution on May 24, 2024, which granted CDPR the landmark Legal Easement, the Company has now completed the formalities related to the administrative procedure and is on track to start drilling in the coming weeks. Formalities have included the payment of approximately US$ 1 million into the Peruvian National Bank on May 29, 2024, and formal signing of the minutes of the Easement Agreement on June 24, 2024, between CDPR and Activos Mineros (AMSAC), with the participation of the General Directorate of Mining (Ministry of Energy and Mines). The Legal Easement enables the Company to meet conditions required to proceed with engineering studies and a 40-hole drilling program at its Quiulacocha Tailings Project ("QT Project"), with the objective of producing a master plan for reprocessing the entire Quiulacocha tailings resource. Guy Goulet, CEO: "We are excited to commence on-site studies. Our preferred contractors are signed up and prepared to begin. Our application has undergone rigorous scrutiny, and the merits of our project, including economic, environmental, and social benefits, now speak for themselves." Next Steps The drilling program will encompass geophysical studies, laboratory testing, mineralogy testing, resource estimation, and economic assessment. Its objective is to complete a Preliminary Economic Assessment (PEA) and submit a resource report compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The Company plans to subsequently undertake a feasibility study for the Quiulacocha Project. Site induction is currently underway to prepare for geophysical studies, and the Company aims to commence drilling activities in late July. Additionally, the Company has engaged All North as the independent qualified professional consulting firm for engineering and preparation of the NI 43-101 compliant technical report. Concurrently with the drilling and PEA activities, CDPR has initiated the process to obtain additional authorization from the Ministry of Energy and Mines, necessary to access the area outside the El Metalurgista concession. It will allow for the completion of a comprehensive feasibility study and the application for approval to develop the extraction project for the entire Quiulacocha Tailings Storage Facility Site. The Supreme Resolution The Supreme Resolution was signed by the President of Peru on May 23, 2024, following an exhaustive process and endorsement by the ministries of Energy & Mines, Agriculture, and Housing & Construction. The process also included two separate rulings in support of the Legal Easement by the autonomous Mining Council. The Quiulacocha Tailings CDPR is the titleholder of the concession located in Peru called "El Metalurgista", which grants it the right to explore and exploit the Quiulacocha Tailings located within its assigned area. The enforceability of these rights has been formally confirmed by the General Mining Bureau of Peruvian Ministry of Energy and Mines. The Quiulacocha Tailings Storage Facility covers approximately 115 hectares and is estimated to hold approximately 75 million tonnes of material processed from the 1920s to ...