Inca One Commences Commercial Production At Its Chala One Plant, Peru
VANCOUVER, BC – March 25, 2015 - INCA ONE GOLD CORP. (TSX-V:IO) ("Inca One" or the "Company") is pleased to announce that its Chala One gold-bearing ore processing facility in Peru, owned and operated by its wholly owned subsidiary Chala One SAC (“Chala One” or the “Chala Plant”), commenced commercial production effective February 1, 2015.
Management recently conducted an assessment of commercial production indicators and concluded that commercial production commenced as at February 1, 2015. This assessment included key parameters being met such as:
- all major and auxiliary processing circuits were fully operational including ball mill, crushing, and leaching circuits, and related facilities in place;
- average production throughput at the plant since February 1, 2015 has been in excess of 50 tonnes per day (“TPD”) with overall production now ramping up to the full 100 TPD capacity;
- and a reasonable testing and commissioning period has completed.
In addition, since test milling began in November 2014 the supply of legal mill feed and the commercial recovery of gold and silver from production of this material at the Chala Plant have met management’s pre-determined targets. Further, the operating and costing data during the pre-commercial production period indicate economic viability of the plant was met as at February 1, 2015.
The Chala Plant now constitutes a full service 100 TPD capacity facility, with weighing, sampling, and metallurgical test facilities all on site along with crushing, grinding and carbon leaching circuits, as well as full material handling and tailings disposal facilities. This enables the Company to receive and fully process gold-bearing ore from legal small scale miners and produce loaded carbon for smelting and recovery of gold and silver off site.
The Company expects that ramp up of operations to the full 100 TPD capacity will be completed by the end of calendar Q2, 2015. Inca One will also continue to consider and implement process improvements and enhancements to its operations to continue to make Chala One more profitable and efficient as time goes on.
“We are pleased to report the achievement of commercial production on schedule 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 look forward to continued progress in our activities and to processing consistently at full capacity, focusing on efficiency in recoveries and costs, while we also continue to increase the quality and grade of our ore supply and the entire customer experience. 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.