VANCOUVER, BRITISH COLUMBIA, August 27, 2013 -- Lupaka Gold Corp. ("Lupaka Gold" or "the Company") (TSX:LPK, BVL:LPK, FRA:LQP) announces that it has received approval of a Category II Environmental Impact Assessment - Semi Detailed (the "EIA-SD") for the Crucero Gold Project from the Ministry of Energy and Mines of Peru.
Approval of the EIA-SD allows the Company to continue and potentially to expand its exploration of the Crucero Gold Project, and provides a framework under which the Company is able to apply for additional drill pad and road construction permits as required for its exploration activities. The EIA-SD also provides a streamlined permitting process. The Company had previously been operating under an initial exploration permit (granted under a previous Category I Environmental Impact Statement), completing 22,959 metres of drilling at Crucero since acquiring the project in 2010.
The EIA-SD was approved after the Company submitted archeological, environmental and socioeconomic baseline and water studies, and completed various public comment processes. In addition, the EIA-SD recognizes that the Company fulfilled all of the required remediation and reclamation for our previous exploration activities. The application for the EIA-SD was filed in late 2012.
Mr. Eric Edwards, President and CEO of Lupaka Gold commented "The EIA-SD approval is a major milestone for the Company in that it provides a foundation for our future permits and the framework for regulatory approval of our planned exploration activities at Crucero. Together with our recently signed 4-year community agreement and other family agreements, we have a clear endorsement of our activities at Crucero to date."
For 2013, planned exploration work at Crucero is focussed on new discoveries in the exploration anomalies to the north and the east of the A-1 Zone gold resource. The Company is actively exploring in the field to identify near-term drill targets within the 10 exploration anomalies identified to date at Crucero.
William Burstow, Lupaka Gold's consulting geologist and a "qualified person" as defined by NI 43-101, has reviewed and approved the scientific and technical information contained in this news release, and has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information or opinions contained in this news release.
About the Company
Lupaka Gold is a well-financed, Peru-focused gold explorer with geographically diverse resource projects spread across northern, central and southern Peru.
Lupaka Gold's flagship project is the Crucero Gold Project, a 5,500 hectare gold property located in the northern part of Puno, a southern region of Peru. The Company holds a 100% interest through Minera Pacacorral S.A.C. in the Crucero Gold Project.
As a result of the Company's recent acquisition of Andean American, Lupaka Gold's assets also include the 100% owned Invicta Gold Project in the central Lima region of Peru, which has near-term underground gold, silver and copper development potential. Lupaka Gold also owns a 17% stake in Southern Legacy Minerals Inc., owner of the AntaKori copper-gold deposit located in the northern Cajamarca region of Peru.
FOR FURTHER INFORMATION PLEASE CONTACT:
Lupaka Gold Corp.
+1 (604) 681-5900
or visit the Company's website at www.lupakagold.com.
Forward Looking Information
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, "forward-looking information"). The forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to mineral resource estimates, the planning of future drill holes and access roads, additional community exploration and access agreements and related outcomes. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "estimates", forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved.
The forward-looking information contained in this news release is based on certain assumptions that the Company believes are reasonable, including, with respect to mineral resource estimates, the key assumptions and parameters on which such estimates are based, and that the necessary drill permits/licenses will be granted in a timely fashion, and additional community exploration and family access agreements required to conduct the Company's planned exploration and development activities will be available on reasonable terms.
However, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, that mineral resources are not as estimated, unexpected variations in mineral resources, grade or recovery rates and unanticipated delays in obtaining or failure to obtain required permits or additional community exploration or family access agreements. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.