Inca One Provides Corporate Update
VANCOUVER, BC – March 30, 2020 – INCA ONE GOLD CORP. (TSXV: IO) (Frankfurt:SU9.F) (SSEV: IOCL) (“Inca One” or the “Company”) provides the following update on operations and the Coronavirus (COVID-19) outbreak and developments in Peru.
On March 15, 2020 Peruvian President Martin Vizcarra and his council of ministers approved a Supreme Decree, declaring a state of national emergency for a period of 15 days and imposed mandatory social isolation due to the Coronavirus (COVID-19) outbreak in Peru.
This initial 15 day period was extended by another two weeks until April 12, 2020. During this period all citizens are to stay and work from home, and Peruvian authorities have restricted non-essential transportation and travel within the country. The restriction includes a halt to all interprovincial transportation, as well as passenger domestic and international flights. All medical facilities, pharmacies, food markets, gas stations and banks will be exempt from the temporary quarantine and will remain open during this time.
Despite the state of Emergency measures enacted, Peru’s Mining Ministry said in a statement on Tuesday March 17, 2020 that the sector would be given some leeway to carry out “critical” operations during the national emergency period, although with certain safety, health and environmental conditions. Mining firms would still be able, “to transfer essential personnel to mining units to guarantee the maintenance of their critical operations” and could continue to transport mineral concentrates and other merchandise “to ensure the operations and logistics cycle” of the sector, the ministry added.
In full compliance with the Peruvian government and the Mining Ministry declarations, Inca One has limited its milling and processing operations at Kori One under strict supervision, providing essential services to our mining partners to continue the supply chain as permitted by the Mining Ministry. Desorption and smelting activities, continue at Chala One while temporarily suspending milling and processing operations, sending all non-essential staff home to work remotely, where possible. Although there are restrictions in place for transportation and delays in the delivery of some supplies, the Company continues to export Dore within this current environment while paying special attention to the health and safety of its clients and its employees at all times.
Edward Kelly, President and CEO of Inca One, commented, "Limited operations at both Chala One and Kori One facilities continue under tight managerial restrictions and monitoring to ensure both the essential supply chain of services while all the time observing and maintaining the health and safety of our plant staff and employees. At this time, we can confirm there are no COVID-19 related cases. We applaud the Peruvian government's pro-active measures to contain the Coronavirus (COVID-19) and act in full support of the Peruvian mining ministry guidelines to continue the essential supply chain. Once the Peruvian government lifts these restrictions we will quickly resume our normal operations at both our processing facilities.”
Stock Option Grant
Pursuant to the Company’s Stock Option Plan, the Board of Directors has authorized the granting of incentive stock options (the “Options”) to directors, officers and insiders of the Company to acquire an aggregate of 660,000 common shares of the Company at an exercise price of $0.19 per share. The Options will have an expiry date of 24 months and one day from issuance and will vest in accordance with the policies of the TSX Venture Exchange.
About Inca One
Inca One is a Canadian based mineral processing company. The Company's activities consist of the production of gold and silver from the processing of purchased minerals located in Peru. Peru is the 6th largest producer of gold in the world and the Peruvian government estimates the small-scale mining sector accounts for a significant portion of all Peruvian gold production, estimated to be valued approximately US$3 billion annually. The Company purchases its minerals from government-registered, small-scale mining producers from various regions and processes it at its 100%-owned Chala One and 90%-owned Kori One milling facilities, located in Arequipa, Southern Peru.
On behalf of the Board,
President and CEO
INCA ONE GOLD CORP.
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Inca One Gold Corp.
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 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. Inca One believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.