VANCOUVER - Altan Nevada Minerals Ltd. (TSX-V: ANE) ('Altan Nevada' or the 'Company') announces that due to logistical delays caused by COVID-19 pandemic, the Company will rely on the exemption provided in British Columbia Instrument 51-515 - Temporary Exemption from Certain Corporate Finance Requirements of the British Columbia Securities Commission (and parallel exemptions available in other Canadian jurisdictions) to postpone the filing and delivery of the following continuous disclosure documents (collectively the 'Documents') which would otherwise be required to be filed by May 30, 2020: Interim Financial Statements for the three months ended March 31,2020 and Management Discussion & Analysis for the three months ended March 31,2020.
The Company expects to be able to file the Documents within 45 days of today's date.
Until the Company has filed the Documents, management and other insiders of the Company are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11207, Failure to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
An updated on material business developments since the filing of the Company's interim financial report for the period ended September 30, 2019 is described below, certain of which have already been disclosed in prior press releases: On October 17, 2019, the Company announced it had closed a non-brokered private placement to raise gross proceeds of $367,500 through the sale of units at a price of $0.05 per unit, with each unit consisting of one common share of the Company and one common share purchase warrant entitling the holder to acquire an additional common share at a price of $0.10 for a period of three years following closing.
On April 2, 2020, the Company announced the results of a drilling program at its Venus Copper Project. Highlights of the drilling program were as follows: (i) the first ever drillholes into the Venus Copper Project were completed highlighting high priority targets; (ii) mineralised porphyry quartz monzonite of the Yerington Batholith suite was intersected; (iii) assays confirmed copper, gold and silver mineralisation in two holes as blebs and disseminated grains of pyrite and chalcopyrite associated with coarse-grained epidote and calcite intersected in drilling and (iv) multiple targets identified for follow up drill testing with three priority targets remaining untested and further drilling being required adjacent to the porphyry quartz monzonite.
The Company previously filed a news release on April 28, 2020 in connection with its postponed filing of its: (i) Annual Financial Statements for the financial year December 31, 2019 and (ii) Management Discussion & Analysis for the financial year ended December 31, 2019, pursuant to the Exemption (the 'First Announcement'). This release also confirms that there have been no material business developments since the First Announcement.
About the Venus Copper Project
The Venus Copper Project, which is 100% owned by Altan Nevada, is located within the Yerington copper porphyry district in the Walker Lane mineralized belt in Nevada. It is approximately six miles east-southeast of the Yerington township, and easily accessible by both paved and dirt roads. Altan Nevada's decision to advance exploration at the Venus Copper Project coincides with the recommencement of development at Nevada Copper Corp.'s (TSX: NCU) ('Nevada Copper') Pumpkin Hollow Copper Mine immediately to the north and less than one mile from the tenement boundary.
Pumpkin Hollow, 100%-owned by Nevada Copper, is a fully permitted project, encompassing both underground and open cut mines, and is expected to produce an average 50 million pounds of copper annually over 23 years commencing mid-2019. Located on-strike from Pumpkin Hollow, Altan Nevada's Venus Copper Project now consists of 208 unpatented mining claims covering approximately 4,169 acres (16.9 km2), all situated on Bureau of Land Management (Federal) land.
Contact:
Paul Stephen
Tel: +61 9322 1788
Email: ps@altnev.com
Cautionary Statement on Forward-Looking Information
Certain statements contained in this press release may constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words 'could', 'intend', 'expect', 'believe', 'will', 'projected', 'estimated', 'proposed' and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current beliefs or assumptions as to the outcome and timing of such future events. Such forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. In particular, this press release contains forward-looking information relating to the anticipated filing of the Company's annual financial statements for the financial year ended December 31, 2019 and management discussion & analysis for the financial year ended December 31, 2019. Various assumptions or factors are typically applied in drawing conclusions or making the forecast or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
ALTAN NEVADA MINERALS LIMITED 
