Inca One Produces 2,065 Oz of Gold in April 2019
VANCOUVER, May 28, 2019 /CNW/ - INCA ONE GOLD CORP. (TSXV: IO) (Frankfurt: SU9.F) (SSEV: IOCL) ("Inca One" or the "Company") announces consolidated gold production for April 2019 from its Chala One Plant ("Chala One") and Koricancha Plant ("Kori One"). All comparative year over year ("YOY") production numbers relate only to Chala One in 2018. Consolidated production in 2019 is on a 100% basis and includes Kori One from August 21, 2018.
The Company's gold production increased 69% YOY this past April 2019 as it reached 2,065 ounces, as compared to 1,224 ounces in April 2018.
Material processed in April reached 4,238 tonnes, as compared to 2,490 tonnes in April 2018, an increase of 70% YOY. Throughput in April averaged a combined 141 tonnes per day ("tpd").
Deliveries for April 2019 increased 50% YOY with 4,201 tonnes of gold bearing material delivered to both the Chala One and the Kori One plants. Although deliveries were up year over year, an extended rainy season lasting unusually into April has affected the supply of mineral throughout Peru. Many small-scale miners' production has been delayed due to the weather and varying degrees of damage to some mines. We expect a lag in ore deliveries until overall conditions improve and anticipated seasonal effects have passed.
April 2019 Operations | ||||
Year over Year | 2019 | 2018 | YOY Variance | |
Deliveries: | 4,201 tonnes | 2,805 tonnes | 50% | |
Production: | 4,238 tonnes | 2,490 tonnes | 70% | |
Throughput: | 141 tpd | 83 tpd | 70% | |
Gold Produced: | 2,065 ounces | 1,224 ounces | 69% | |
Edward Kelly, President, and CEO commented, "A number of our mining partners have been affected by the weather, causing damage to their mines. As a result, there have been delays in deliveries to our plants. Given that the last two quarters of the year are typically our highest delivery periods, management's expectations are that deliveries and production will increase.
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,
Edward Kelly,
President and CEO
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.
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SOURCE Inca One Gold Corp.
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