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(CDB-V) Metals titan Friedland backs Cordoba in Colombia
Mining mogul Robert Friedland (right) in South Africa (CEO.CA photo)
Enter mining legend Robert Friedland to one of South America’s most promising exploration projects.
High Power Exploration (HPX), a private company controlled by the billionaire mine developer, is making moves in one of Colombia’s most fertile copper and gold exploration districts.
This morning, Cordoba Minerals (CDB-V), a TSX-Venture listed and Toronto-based mineral exploration company, announced that HPX would invest $1.022 million for an 11% stake in Cordoba. If HPX exercises their 20 cent warrants, it would mean a $2.5 million investment for a 15% Cordoba stake. The money will be spent on the ground in Colombia, where Cordoba has tied up a large land package already proven to contain clusters of high-grade porphyry copper-gold deposits. Cordoba CEO Mario Stifano has told CEO.CA previously that it’s a matter of when, not if, Cordoba finds an economic deposit in the district which consists of flat-rolling hills in Northern Colombia. Large nickel and coal mines already operate in the area, supporting development in the region.
HPX also has the election to enter a joint venture with Cordoba to earn a 65% stake in Cordoba’s San Matias property. HPX must spend $16.5 million to earn a 51% stake in the project, and can earn a 65% stake by carrying Cordoba to a full Feasibility Study.
The Mid-Cauca belt hosts +50 million ounces of gold (Source: Cordoba Minerals Corp.)
The deal originated in an elevator at the BMO Mining and Metals Investment Conference in Miami a year ago. Cordoba CEO Mario Stifano and HPX’s Robert Friedland rode in the elevator together, where Stifano made his pitch. After a year of discussions a deal was reached that was a win-win for both partners.
Stifano tells me a number of majors had expressed interest and made joint venture offers to Cordoba, but HPX was the favourite because of Mr. Friedland’s technology and unmatched track record of world-class mineral discoveries.
Cordoba has about $2.5 million in its treasury prior to today’s financing. Stifano anticipates having more than enough capital to last well into 2016, and is optimistic Cordoba will be able to deliver plenty of partner funded newsflow at San Matias in the near future.
I have a request for comment into Robert Friedland at press time but haven’t heard back yet. If Mr. Friedland responds, I will update this post.
