VANCOUVER, Oct. 17, 2016 /CNW/ - INCA ONE GOLD CORP.
(TSX.V: IO) ("Inca One" or the "Company") is
pleased to provide the following update on operations from its
wholly owned subsidiary Chala One SAC ("Chala One").
Inca One has begun operating a newly completed, in-house smelter
facility at its Chala One mill site -- successfully pouring and
exporting in excess of 16 kilograms of gold since September 13, 2016. With this recent
production enhancement, Inca One has completed the vertical
integration of another key process at Chala One. Every step in
the processing stage from weighing and testing raw material through
to the final steps of smelting and pouring gold dore (prior to
exporting to our Swiss refining partners) is now controlled solely
at Chala One.
Inca One has recently completed a restructuring including a
share consolidation, financing of $6.3
million, and conversion of approximately $10 million of debt into equity. The Company is
now financed and only has 57.3 million shares outstanding. The
financing has provided the Company with the working capital
required to ramp up material purchasing and production
activities. Stockpiles are accumulating and the average daily
processing has continued to climb strategically as per management's
ramp up expectations. All circuits are performing as projected
and it is anticipated that throughput will reach fully permitted
production levels within our projected timelines over the coming
months.
"I am extremely pleased with ramp up activity and increasing
throughput at Chala One," said President and CEO Edward Kelly, further noting that, "Looking
forward, we will continue to focus on increasing production, and
sourcing mineral purchases with profitable deal terms and
favourable recovery."
About Inca One
Inca One is a Canadian-based mineral processing company with a
gold milling facility in Peru,
servicing government-permitted, small-scale miners. As part of the
terms of the original purchase agreement for the Chala,
Peru processing facility, Inca One
has an agreement between its wholly owned subsidiary, Chala One
SAC, and the seller and initial permit applicant, to operate under
the umbrella of formalization until the successful completion of
all the environmental and operating permits. Peru, a highly mineral-rich country, 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 mineral
(such as the Company's Chala
Plant).
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 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. 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.
SOURCE Inca One Gold Corp.