Inca One Reports First Harvest Of Gold And Silver From Resumed Test Milling Operations
VANCOUVER, BC- December 3, 2014 - INCA ONE GOLD CORP. (TSX-V: IO) ("Inca One" or the "Company"), is pleased to announce that it has recovered 4,864.64 grams (156.53 ounces) of gold and 5,714.23 grams (183.72 ounces) of silver from the resumed test milling on the original milling circuit at its Chala One plant in Chala, Peru. Test milling was resumed in October 2014, which was announced in a Company press release on November 20, 2014.
"We are very pleased to have received our first gold and silver from refining of our loaded carbon which was recently harvested from our test milling operations.” said Edward Kelly, Inca One’s President and CEO. “All systems in the test milling appear to be performing well, which gives us confidence in the design and construction of the expanded 100 TPD capacity plant. In addition, our ore purchasing activities are creating a significant stockpile of high grade ores for processing at the Chala Plant.”
The Company also wishes to announce that in October 2014, it entered into an agreement with a key Peruvian employee to provide share remuneration in addition to their base salary. Per the agreement, the employee will receive USD$80,000 worth of Inca One common shares payable in four equal quarterly instalments, with such shares to be issued at the greater of (i) the maximum discount to the market price on the TSX-V at the end of such quarter as permitted by TSX-V policies, and (ii) CAD$0.15. The shares will be subject to a four month hold period following the closing. This transaction is subject to the approval of the TSX Venture Exchange.
About Inca One
Inca One is a Canadian-based ore processing company with a gold milling facility in Peru, servicing government permitted small scale miners. A highly mineral rich country, Peru 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 ore (such as the Company's Chala One plant).
On behalf of the Board,
President & CEO
INCA ONE GOLD CORP.
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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.