Altiplano Minerals Ltd. announced that the company has entered into an Heads of Agreement (HOA) with Comet Exploration Ltd. regarding a joint venture on initially but not limited to two copper and gold projects called Farellon and Maria Luisa which are located near the town of La Serena, Republic of Chile (collectively, the Projects). Pursuant to the HOA, the company may earn up to an initial 50% interest in the Comet Joint Venture "CJV" by funding an aggregate of USD 2,000,000 on or before May 31, 2017. The HOA anticipates that the two parties will have the CJV agreement in place by February 10, 2017 which will provide the framework on the governance of the venture.

It is anticipated that a JV Committee will be comprised of two members from each company. Once the Farellon project is underway the CJV will commence similar exploration activities at the Maria Luisa Project. Commencing in May an exploration drive will be developed approximately 50 m beneath existing workings and will be used to facilitate drilling the Maria Luisa high-grade Cu-Au vein system.

Drilling will be conducted to evaluate and establish resources. The transaction is subject to certain conditions, including, but not limited to, the entering into of a formal joint venture agreement and approval of the TSX Venture Exchange.