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Libero says extracted first copper in Colombia from local deposit

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(Kitco News) - Libero Copper & Gold (TSXV: LBC) announced Tuesday that, together with the National University of Colombia (UNAL), it has extracted metallic copper from pulp from the Mocoa copper-molybdenum deposit in Colombia. 

The company said it is the first copper produced in Colombia from a deposit in Colombia, adding that the project was executed under the framework agreement between Libero Copper and UNAL. 

"Colombia is moving away from oil, gas and coal, industries that represent half of the country's exports, towards a green economy; away from extraction to a model of production, with transition metals at the base. Copper is the core to capture, store and transmit these new sources of energy. This milestone of the first copper production in Colombia is a testament to our shared commitment to creating a fully vertically integrated, clean energy system and a renewed focus on innovation and job creation within Colombia," stated President and CEO Ian Harris.

He continued, "Mocoa is the largest copper resource in Colombia and critical to positioning Colombia as an international leader in clean energy production.  We are working with the government to create a roadmap for Mocoa through copper production, with emphasis on the inclusion of national universities and our communities."

The Mocoa deposit is located in the department of Putumayo, 10 kilometres from the town of Mocoa. A pit constrained inferred resource at Mocoa contains 636 million tonnes of 0.45% copper equivalent (0.33% Cu and 0.036% Mo) generated using $3/lb Cu and $10/lb Mo, containing 4.6 billion pounds of copper and 511 million pounds of molybdenum.

Importantly, the company said that the Mocoa deposit appears to be open in both directions along strike and at depth, adding that current work on the property has identified additional porphyry targets including the possible expansion of known mineralization.

Libero Copper indicated it is unlocking the value of a collection of porphyry copper deposits throughout the Americas in prolific and stable jurisdictions. The company's portfolio includes the Mocoa deposit in Putumayo, Colombia; Esperanza in San Juan, Argentina; and Big Red and Big Bulk in the Golden Triangle, BC, Canada.

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