Resource Capital Fund VI L.P. Announces Acquisition of Units in Los Andes Copper Ltd.

DENVER, CO, May 7, 2018 /CNW/ - Resource Capital Fund VI L.P. ("RCF") reports that on May 7, 2018, it acquired 7,870,000 units (the "Units") of Los Andes Copper Ltd. ("Los Andes") pursuant to the closing of the first tranche of a non-brokered private placement (the "First Tranche"). RCF acquired the Units at a price of CDN$0.33 per Unit for a total purchase price of CDN$2,597,100. Each Unit consists of one common share of the Company (each, a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable for a period of five years following closing date of the First Tranche at a price of CDN$0.50. As additional consideration to Los Andes for the issuance of the Units under the First Tranche, RCF delivered to Los Andes for cancellation 7,870,000 Warrants (issued pursuant to a private placement completed on December 8, 2016) held by RCF, each such Warrant having an exercise price of $0.45 per Common Share. The second tranche of the non-brokered private placement by Los Andes (the "Second Tranche") is expected to result in the issuance of an additional 18,930,000 Units to RCF and is expected to close within 45 days. At the closing of the Second Tranche, RCF expects to surrender for cancellation 18,930,000 Warrants (issued pursuant to a private placement completed on December 8, 2016) that are held by RCF, having an exercise price of $0.45 per Common Share.

Prior to the closing of the First Tranche, RCF did not own or control any Common Shares and owned and controlled 26,800,000 Warrants, representing 100% of the issued and outstanding Warrants prior to the closing of the First Tranche. Assuming the exercise of all of the Warrants held by RCF prior to the closing of the First Tranche, an aggregate of 26,800,000 Common Shares would be owned and controlled by RCF, representing approximately 9.87% of Los Andes' issued and outstanding Common Shares.

Immediately following the closing of the First Tranche, RCF owns and controls a total of (i) 7,870,000 Common Shares, representing approximately 3.11% of Los Andes' issued and outstanding Common Shares and (ii) 22,865,000 Warrants representing 100% of the issued and outstanding Warrants of Los Andes. Assuming the exercise of all of the Warrants held by RCF, an aggregate of 30,735,000 Common Shares would be owned and controlled by RCF, representing approximately 11.15% of Los Andes' issued and outstanding Common Shares.

RCF acquired the Units for investment purposes. RCF expects to acquire 18,930,000 Units in the Second Tranche, and may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the securities of Los Andes.

Los Andes' head office is located at Suite 1260, 355 Burrard Street, Vancouver, British Columbia, V6C 2G8.

To obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the transactions hereunder, please see Los Andes' profile on the SEDAR website www.sedar.com.

About Resource Capital Fund VI L.P.

RCF is a private investment fund existing under the laws of the Cayman Islands.

SOURCE Resource Capital Fund VI L.P.

and to obtain a copy of the early warning report, please contact: Resource Capital Fund VI L.P., 1400 Sixteenth Street, Suite 200, Denver, CO, 80202, Telephone: [phone], Attn: Molly Campbell