Tesoro continuing with acquisition, arranges financing

Executive Summary

• Tesoro Minerals Corp. provided an operational update on its ongoing acquisition of the 100% interest in the Rumichacha and Cerro Macho properties in Peru, detailing completed technical reports, title verification, and initial fieldwork.
• The company announced a non-brokered private placement financing of up to $500,000 to support exploration and corporate activities, consisting of 6.25 million common shares at $0.08 per share.
• The acquisition remains subject to customary closing conditions, including regulatory approvals, while the financing is subject to TSX Venture Exchange approval.

Key Details

• Acquisition Update (Rumichacha and Cerro Macho Properties, Peru):
  • Company is advancing the acquisition of a 100% interest in these properties, located in a prospective district for high-sulphidation, epithermal gold mineralization.
  • Properties are underexplored and have never been drilled.
  • Completed a National Instrument 43-101 technical report verifying prospectivity.
  • Received a title opinion verifying tenure of the acquisitions.
  • Continued compilation and review of historical exploration data.
  • Initiated planning for a phased exploration program (subject to closing).
  • Conducted initial fieldwork, including mapping, sampling, and induced polarization ground geophysical surveys.
  • Engaged in community and social engagement efforts.
  • Assets are considered early-stage exploration with potential for discovery based on historical sampling, alteration, and structural setting.
• Financing Details:
  • Type: Non-brokered private placement.
  • Gross Proceeds: Up to $500,000.
  • Instrument: 6.25 million common shares.
  • Price: $0.08 per share.
  • Use of Proceeds: Continuing exploration and corporate activities.
  • Conditions: Subject to regulatory approval and TSX Venture Exchange approval of the property acquisition.
  • Fees: Finders' fees may be payable, subject to regulatory approval.
  • Restrictions: All securities subject to a statutory hold period.

Notable Quotes

• None explicitly quoted in the text, though the Qualified Person is identified as Scott McLean, PGeo.