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Mining Stock News: Palamina (TSXV: PA) Changes Name of Flagship Project in Peru to Usicayos

Toronto, Ontario – July 9, 2021 (Newsfile Corp.) (Investorideas.com Newswire) Palamina Corp. (TSXV: PA) reports that, in keeping with the wishes and consent of local community leadership, the Coasa project will now be identified as the Usicayos project, the name of the community which hosts the project.

In January 2017, Palamina staked the Usicayos project area in order to investigate its gold potential as part of its focus in the Puno Orogenic Belt (POGB). The company chose the name Coasa based on the presence of a regional intrusive called the Coasa Batholith. Since then the company has successfully explored the Usicayos property, discovering the Cayos, Veta and Veta NE gold zones among others.

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“Palamina continues to foster a long term working relationship with the Usicayos community as it develops the Usicayos project. We will continue to build on this relationship as we progress.” reports President Andrew Thomson.

After submitting for its drill permit and during ongoing consultations with the community, Palamina listened to the Usicayos community’s interest in having its name associated to the project as with gold projects in other communities in the POGB. With the recent completion of regulatory and permitting requirements to initiate drilling and discussions of the plan of action for the program, community leadership conclusively voiced their approval of the name change. Going forward the company will refer to the property as the Usicayos project in corporate disclosure and will proceed to register the change of name on official government documents and communications related to the property in Peru.

Palamina has and continues to rely on the town of Usicayos as a base of operations for its exploration of the Usicayos property, obtaining human resources and material from the community and maintaining a residence for geological staff. Since the outbreak of the Covid-19 pandemic and former delays with permitting, Palamina has explored the Usicayos project at a reduced pace.

Palamina can now commence drilling at the Veta zone on the Usicayos project with flexibility to locate up to 40 drill pads under the permitting in hand. Palamina is building drill pads and access trails and has completed an exploration field camp for the Veta zone drill project. Palamina expects to complete a 2,600 metre diamond drill program in 2021 at the Usicayos project.

About Palamina Corp.

Palamina has first mover advantage on 4 district scale titled gold projects in south eastern Peru in the Puno Orogenic Gold Belt (POGB). The Company also has rights to a silver-copper project in the Santa Lucia district and two copper-gold projects in Southern Peru. Palamina holds an 18.6% equity interest in Winshear Gold Corp. who are advancing the Gaban Gold Project to the drill discovery phase. Palamina has 65,284,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA.

FOR FURTHER INFORMATION PLEASE CONTACT:

Andrew Thomson, President
Phone: (416) 987-0722 or visit www.palamina.com

This news release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. A more complete discussion of the risks and uncertainties facing the Company appears in the Company’s continuous disclosure filings, which are available under the company’s profile at www.SEDAR.com and on the Palamina webpage.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Palamina Cambia Nombre De Su Proyecto Principal En Peru a Usicayos

Toronto, Ontario Palamina Corp. (TSXV: PA) anuncia que, de acuerdo con los deseos y con consentimiento de la comunidad y poblacion del distrito de Usicayos, el “proyecto Coasa” en adelante sera denominado como el “Proyecto Usicayos”, nombre de la comunidad y distrito donde se encuentra el proyecto.

En enero 2017 Palamina adquirio el Proyecto Usicayos para investigar por su potencial aurifero como parte del enfoque de la empresa en la Faja Orogenica de Puno (POGB). La compania eligio el nombre Coasa basandose en la presencia de un intrusivo regional llamado “Batolito Coasa”. La empresa ha explorado con exito las concesiones ubicadas en Usicayos, descubriendo las zonas auriferas Cayos, Veta y Veta NE entre otras.

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“Palamina continua fomentando una relacion de trabajo a largo plazo con la comunidad de Usicayos mientras trabaja para desarrollar el proyecto Usicayos. Continuaremos construyendo esta relacion a medida que avancemos.” Informo el presidente Andrew Thomson.

Durante las audiencias de la Declaracion de Impacto Ambiental (“DIA”) para el programa de perforacion en la zona Veta y en otras comunicaciones con el pueblo, Palamina se entero del interes de la comunidad de Usicayos en tener su nombre asociado al proyecto, asi como ocurren en otros proyectos homonimos al nombre de la comunidad y/o distrito, ubicados en el POGB. Con la finalizacion de los requisitos reglamentarios y permisos para iniciar la perforacion y las discusiones sobre el plan de accion para el programa, la comunidad expreso concluyentemente su aprobacion del cambio de nombre. En el futuro, la empresa se referira al proyecto Usicayos en su divulgacion corporativa y comunicaciones relacionadas con la propiedad en Peru, estara procediendo en el mas breve plazo a registrar el cambio de nombre en los documentos oficiales en las entidades competentes de gobierno.

Palamina tiene como base de operaciones para sus actividades de exploracion el distrito de Usicayos, obteniendo recursos humanos, productos y materiales de la zona, manteniendo una vivienda para el personal de geologia. Debido a la pandemia del Covid 19 y a la espera de las autorizaciones de perforacion, Palamina disminuyo notablemente sus actividades de campo en el proyecto ahora denominado Usicayos.

Palamina ha obtenido la autorizacion de inicio de actividades de exploracion para perforar en la zona Veta en el proyecto Usicayos con flexibilidad para ubicar hasta 40 plataformas de perforacion bajo los permisos en mano. Palamina estara construyendo hasta 10 plataformas de perforacion iniciales y senderos de acceso e implementara un campamento de exploracion para el proyecto de perforacion de la zona Veta. Palamina contempla completar 2,600 metros de perforacion en el proyecto de exploracion Usicayos en 2021.

Acerca de Palamina Corp.

Palamina tiene la ventaja de ser el pionero en 4 proyectos de oro a escala de distrito en el sureste de Peru en la Faja de Oro Orogenica de Puno (POGB). Palamina esta preparada para perforar su emblematico proyecto aurifero Usicayos. La Compania tambien tiene un proyecto de plata y cobre en el distrito de Santa Lucia y dos proyectos de cobre y oro en el sur de Peru. Palamina tiene una participacion del 18,6% en el capital social de Winshear Gold Corp., quienes estan llevando el Proyecto Gaban Gold a la fase de perforaciones iniciales. Palamina tiene 65,284,836 acciones en circulacion y cotiza en la TSX Venture Exchange bajo el simbolo PA.

FOR FURTHER INFORMATION PLEASE CONTACT:

Andrew Thomson, President
Phone: (416) 987-0722 or visit www.palamina.com

This news release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. A more complete discussion of the risks and uncertainties facing the Company appears in the Company’s continuous disclosure filings, which are available under the company’s profile at www.SEDAR.com and on the Palamina webpage.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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