Inca One Recovers An Additional 1,187.52 Ounces Of Gold And 942.61 Ounces Of Silver From Initial Start Up Operations At Chala One
VANCOUVER, BC – February 24, 2015 - INCA ONE GOLD CORP. (TSX VENTURE: IO) ("Inca One" or the "Company"), is pleased to announce since its press release of January 19, 2015, its wholly owned subsidiary, Chala One SAC (“Chala One”) has recovered an additional total of 1,187.52 ounces (36,936.07 grams) of gold and 942.61 ounces (29,318.43 grams) of silver from 1,140 tonnes of material in connection with operations undertaken from January 8, 2015 through February 18, 2015. These operations include the resumed test milling on the original milling circuit as well as the initial start up operations at the Company’s new milling circuit at the Chala One plant. The Chala One plant is in the final stages of start up operations to commission the circuit to the expanded production rate of 100 tonnes per day (“TPD”).
Combining the amounts recovered as announced on January 19, 2015 with those announced today shows a total of 1,893 tonnes of material processed and 1,708.49 ounces of gold and 1,500.19 ounces of silver recovered, or an average of 0.90 ounces of gold per tonne recovered since December 3, 2014. The Company continues to look for and acquire gold ore of 1.0 ounce per tonne gold or higher as feed for the Chala One mill.
Average daily throughput has now reached a level of 60 TPD. The Company has continued its methodical start up activities to assure effective circuit testing, paying attention to all parameters that relate to maintaining good levels of recovery and low unit costs.
“We are pleased to report exciting gold and silver production as well as the solid performance of our mill facilities and our personnel during the start up phase of our operations,” said Edward Kelly, President and CEO. “We expect to continue in this way to achieve full commercial production on schedule, keeping in mind efficiency in recoveries and costs, while we also continue to increase the quality and grade of our ore supply. We look forward to a very successful year at Chala One.”
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 Plant).
On behalf of the Board,
President & CEO
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 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.