08:55 AM EDT, 03/22/2024 (MT Newswires) -- Cerro de Pasco Resources Inc. ( GPPRF ) said Friday that it has secured $1.4 million to cover the fee linked to a legal easement that would allow the company to begin a 40-hole drilling campaign on its El Metalurgista concession in Peru.

The company said the easement would also enable it to access the surface area of the Quiulacocha tailings project.

Cerro de Pasco said it secured the funds through the sale of 15,450,000 subscription receipts priced at $0.10 apiece.

Cerro de Pasco noted that the change of the Minister of Energy and Mines in February, together with normal process clarifications, resulted in a temporary delay in the ongoing procedures.

The company said it has fulfilled all legal requirements set by Peruvian law.

Cerro de Pasco jumped 5.6% yesterday.