Karbonate Minerals Corp. to Invest USD $2.92 Million in Tarapaca Project, Chile and Signs Joint Venture to Proceed

The two companies announced they have signed a joint agreement to consolidate two adjacent land packages which border the existing project in a 50-50 joint venture. The agreement will not include any of Karbonate Minerals Corp's existing land at the project.

The newly acquired land packages cover approximately 87 square kilometers and is inclusive within the 50-50 joint venture which will see initial exploration and test drilling start in quarter 3 of this year. The agreement made requires both companies to fund the USD $5.84 million project costs on a strictly 50/50 condition over a 2-year period and for the 2 companies to jointly fund an additional $300,000 each on further exploration work on an area just outside of the package once the initial exploration and drilling project has been completed.

As commented by Oliver Denton, Projects Director with Karbonate Minerals Corp., "This strategic partnership brings together two teams who have a focus on identifying specific targets for the planned exploration, discovery and development of this acquired land package."

The Tarapaca project which Karbonate Minerals Corp reference as KMC-CHI-04, has been in production since 2019 and is 1 of 5 projects that the company currently have in Chile, with all other projects being 100% owned and operated by them.

"Our agreement to enter this joint venture was not taken lightly as we ordinarily prefer to operate our sites on a 100% ownership basis. However, with this joint venture, the entire board and senior management team were in total agreement with a 50/50 arrangement due to the local geological knowledge our partners will be able to advise on," Oliver Denton added.

Karbonate Minerals Corp. look forward to advising investors of the first test results before year end.