Inca One Announces Recovery Of An Additional 2,144 Ounces Of Gold And 2,392 Ounces Of Silver At Chala One Since April 8, 2015
VANCOUVER, BC – June 9, 2015 - INCA ONE GOLD CORP. (TSX-V:IO) ("Inca One" or the "Company”) is pleased to announce that since its press release of April 14, 2015, it has recovered an additional total of 2,144 ounces (66,671 grams) of gold and 2,392 ounces (74,405 grams) of silver from 3,042 tonnes of material in connection with operations undertaken from April 8, 2015 through June 2, 2015 at the Company’s subsidiary, Chala One S.A.C. (“Chala One”) in Peru.
Including the results announced today, the Company has processed a total of 7,237 tonnes of material and recovered and sold a total of 5,518 ounces of gold and 5,011 ounces of silver for sales proceeds of approximately USD$6.73 million since December 3, 2014. This amounts to approximately 0.76 ounces of gold recovered per tonne of material processed.
Recently the Company achieved new highs in delivery of gold-bearing material from third party small scale miners. Over the three weeks ending June 7, 2015 average daily deliveries were approximately 90 tonnes per day (“TPD”) with select days exceeding 180 TPD. The Company continues to focus on sourcing steady streams of mill feed from small scale miners by providing a transparent, efficient, and superior customer experience.
Beginning June 7, 2015 the Company initiated production throughput at the plant’s maximum capacity of 100 TPD with the intent to operate within the 80 TPD to 100 TPD range through the third calendar quarter of 2015. Over the last few weeks the Company made select adjustments to the milling and leaching circuits with the intent to maximize gold recovery at these production levels.
"We continue to be pleased with the excellent performance exhibited by our Peruvian team at the Chala One plant having now completed four months of throughput since the beginning of commercial production,” said Edward Kelly, Inca One's President and CEO. “We remain committed to providing superior service for our customers and to establishing long-term trusted relationships.”
Van Phu Bui, B.Sc, PGeo, a director of the Company and a qualified person under the terms of National Instrument 43-101, standards of disclosure for mineral projects, has approved the technical information in this news release.
About Inca One
Inca One is a Canadian-based mineral processing company with a gold milling facility in Peru, servicing government-permitted small-scale miners. As part of the terms of the original purchase agreement for the Chala, Peru processing facility, Inca One has an agreement between its wholly owned subsidiary, Chala One SAC, and the seller and initial permit applicant, to operate under the umbrella of formalization until the successful completion of all the environmental and operating permits. Peru, a highly mineral-rich country, is one of the world's top producers of gold, silver, copper and zinc, with substantial production coming from small scale miners who need government permitted milling facilities to process their mineral (such as the Company's Chala Plant).
On behalf of the Board,
President & CEO
INCA ONE GOLD CORP.
For More Information Contact:
Inca One Gold Corp.
Telephone: (604) 568-4877
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Statements regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) fluctuation of mineral prices; (ii) a change in market conditions; and (iii) the fact that the Company has limited operating experience with its Chala plant and future operational results may not be accurately predicted based on this limited information to date. Except as required by law, the Company does not intend to update any changes to such statements.
This news release deals only with the Company's Chala plant, which is an industrial project. This presentation does not deal at all with the Company's sole mineral exploration property, the Corizona property. Investors should note that no resource has been established on the Corizona property and all of the material currently being processed at the Chala plant is received from local small-scale mining operations.