Loreto Resources Corporation announce that it has entered into a nonbinding agreement to acquire 100% of the outstanding common shares of Minera Huallanca S.A., a Peruvian company.
Huallanca, based in Lima, Peru, currently produces zinc, lead, copper, and silver in concentrate form. During 2008, it operated 2 mines at a combined run rate of 500,000 metric tons of mined ore. The company also has several exploration targets in Peru and Bolivia.
“We are very excited to have this opportunity to acquire the Huallanca mining operations. There are significant optimization, growth, and near term exploration opportunities with these assets and we believe that the Huallanca acquisition will give Loreto its initial footprint in Peru as we continue to explore other opportunities in the region,” said Luis Saenz, President and CEO of Loreto.