Inca One Produces 5,284 Ounces Gold in Calendar Q1 2020
VANCOUVER, BC – May 12, 2020 – INCA ONE GOLD CORP. (TSXV: IO) (Frankfurt:SU9.F) (SSEV: IOCL) (“Inca One” or the “Company”) reports consolidated gold production and deliveries for the three month period of January, February and March 2020 (“Q1 2020” or “the Quarter”) from its Chala One Plant (“Chala One”) and Koricancha Plant (“Kori One”). All comparative year-over-year (“YOY”) production numbers are on a 100% basis and represent consolidated operations from both facilities.
Q1 2020 Results
|Consolidated Operations||Q1 2020||Q1 2019||YOY Variance||Q4 2019||QOQ Variance|
|Gold Produced (oz)||5,289||7,063||-25%||5,924||-11%|
|Gold Sales (US$)||$7.7 million||$10.4 million||-26%||$9.8 million||-21%|
Following what began as a strong supply of ore being delivered in February to our plants, the storyline that dominated the Quarter in March was the general tailing off of mineral supply as transportation around the country became subject to Governmental restrictions in light of the Coronavirus (COVID-19) pandemic. The anticipation is that as transport restrictions ease, supplies of mineral will pick up again allowing for a return to regular operations. What is of particular significance, and which bodes well once normalcy returns, is the grade of material being processed saw a significant increase as a result of new providers from Northern Peru choosing Inca One as their processing partner of choice.
Inca One President and CEO, Edward Kelly stated, “Operations at both Chala One and Kori One facilities continue under tight managerial restrictions while monitoring and maintaining the health and safety of our plant staff and employees. We do so in full compliance with the Peruvian government declaring a state of national emergency and the Mining Ministry’s recent declarations of ensuring the essential supply chain of services.”
As Inca One previously announced on March 30, 2020, operations have been temporarily curtailed due to the Peruvian government’s supreme decree declaring a national state of emergency in response to the COVID-19 worldwide pandemic. In response to COVID-19, the Company quickly implemented new protocols at its plants and offices to safeguard and reduce the possibility of transmission of the disease. These protocols included control measures aimed at preventing the potential spread of the virus, compliance with the government’s stay at home quarantine, along with suspending or limiting non-essential travel, if work cannot be carried out remotely. At this time we can confirm that we are not aware of any COVID-19 related cases at any of our locations and offices.
About Inca One
Inca One Gold Corp is a TSXV listed, small-cap, gold producer operating two, fully permitted, gold ore processing facilities in Peru. Peru is the world’s sixth-largest producer of gold and its small scale mining sector is estimated by government officials to be valued in the billions of dollars annually. The Company, now in its sixth year of commercial production, is led by an experienced and capable management team that has established Inca One Gold as a trusted leader in servicing government permitted, small scale miners in Peru. Inca One Gold possesses a combined 450 tonnes per day permitted operating capacity at its two fully integrated plants, Chala One and Kori One, and is targeting a fourth consecutive year of increased production and sales growth.
On behalf of the Board,
President and CEO
INCA ONE GOLD CORP.
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Inca One Gold Corp.
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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.
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