Three Valley Copper Corp (TVCCF)

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THREE VALLEY COPPER POSTPONES INTEREST PAYMENT DUE MARCH 31, 2022
03/31/2022
TORONTO, March 31, 2022 (GLOBE NEWSWIRE) -- (TSXV: TVC) (OTCQB: TVCCF) Three Valley Copper Corp. (“Three Valley Copper” or the “Company”) confirms that its 95.1% indirectly owned subsidiary, Minera Tres Valles (“MTV”) has not made the interest payments due on March 31, 2022, to its senior secured lenders (the “Lenders”) as required pursuant to the terms of the amended loan facility. Certain loan principal repayments in 2022 have been deferred pursuant to an undertaking entered into between the Company and the Lenders on November 21, 2021.

As previously disclosed, the Company and MTV are in negotiations with the Lenders to find a longer-term solution to the financing requirements of MTV. A successful solution will enable MTV to continue operations and complete the ramp up of production of the Papomono mine over the upcoming twelve months. If approvals from the respective parties are not obtained and longer-term funding not provided, it is expected that MTV will not have sufficient funds to operate beyond April 2022.

As a result of the current financial situation of MTV, certain defaults of the senior secured debt facility have occurred and are continuing. While the Lenders have not provided a notice thereof to MTV, they have expressly reserved their rights.

The Company and MTV continue to preserve their cash resources during negotiations with the Lenders and other creditors and thank all stakeholders for their continued support and patience.

About Three Valley Copper

Three Valley Copper, headquartered in Toronto, Ontario, Canada is focused on growing copper production from, and further exploration of, its primary asset, Minera Tres Valles. Located in Salamanca, Chile, MTV is 95.1% owned by the Company and MTV's main assets are the Minera Tres Valles mining complex and its 46,000 hectares of exploratory lands. For more information about the Company, please visit www.threevalleycopper.com.