The Punitaqui concession consists of the drill-ready Cinabrio, San Andres, Dalmacia targets and the less defined Los Mantos target.

Battery Mineral Resources Corp. (TSXV: BMR) closed the acquisition of the 8,095Ha Punitaqui copper-gold mining complex from Minera Altos de Punitaqui Limitada (MAP), a wholly-owned subsidiary of Xiana Mining Inc., and aims to conduct infill drilling and engineering over the next four to six months prior to restarting the mine.

Under the terms of the acquisition, Battery will assume Xiana’s debt of US$10mn incurred as part of its prior agreement to acquire MAP from Bluequest Resources.

Battery will also pay US$17.9mn to cover debts with other MAP creditors, of which US$9.45mn is payable over six years and US$8.45mn payable up front.

To cover these immediate costs, Battery has issued private placements totalling US$11.1mn and CAD$800,000.

Battery Mineral Resources aims to serve the burgeoning green technology market and to that end is building a portfolio of copper, cobalt, lithium and graphite assets.

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