Aurcana Reports 55% Increase in Silver Equivalent for First Quarter 2014
April 07 2014 - 9:00AM
Marketwired
Aurcana Reports 55% Increase in Silver Equivalent for First Quarter
2014
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 7, 2014) -
Aurcana Corporation ("Aurcana" or the "Company")
(TSX-VENTURE:AUN)(OTCQX:AUNFF) is pleased to report the Q1 2014
production results of 360,790 ounces silver compared to 310,554 in
Q1 2013. Silver production for the first quarter of 2014 increased
16% compared to Q1, 2013. Silver Equivalent increased 55% to
919,989 in Q1 2014, compared to 592,504 in Q1 2013, the largest
quarter for silver equivalent production in Aurcana's history.
Mr. Lenic Rodriguez, Aurcana's President & CEO, said,
"We continue to improve operations at La Negra and with the 55%
increase in silver equivalent production in Q1 2014 we are
currently on track to achieve the 2014 goals of between 3.75 to 4.1
million ounces of silver equivalent, a potential increase of more
than 40% over 2013."
LA NEGRA FIRST QUARTER PRODUCTION HIGHLIGHTS
- Total silver equivalent production was 919,989 ounces in Q1
2014, a 55% increase over Q1 2013 and a 26% increase over Q4
2013.
- Total ore milled was 257,139 tonnes in Q1 2014, a 51% increase
over Q1 2013.
- The silver grade in Q1, 2014 averaged 55 g/t, compared to 71
g/t in Q1 2013.
- The Company's production guidance for 2014 is between 3.75 and
4.1 million silver equivalent ounces, an increase of between 30% to
42% over 2013. This can be achieved by increasing average mill head
grade to 65 g/t Ag, and by maintaining a milling throughput of
3,000 tonnes per day.
LA NEGRA MINE UPDATE
- During Q1 2014, the La Negra mill averaged 3,033 tonnes per day
(tpd), an increase of 40% over Q1 2013. Mill throughput increased
significantly as the new copper concentrate filter press came
online. La Negra continues to perform above expectations and with
outstanding milling performance in Q1 2014.
- La Negra continued to mine accessible higher grade copper and
zinc zones during Q1 2014, resulting in 69% more zinc and 56% more
copper concentrate compared to Q1, 2013. La Negra reached the
anticipated production rate of 3,000 tpd in Q1 2014 and we expect
the rate to be maintained or increased through the rest of 2014. In
Q1 2014, mine development continued accessing new areas that will
assist in sustaining the higher production rates in the future. A
larger proportion of ore was sourced from the new development
headings. In Q2 2014, the Company plans to access the higher silver
grade mineralized zones in the upper levels of the La Negra mine
with new mine equipment, together with ore pass and ventilation
raise development that will commence upon receipt of raise boring
equipment.
Aurcana is continuing to review re-financing options from MF2
Investment Holding Company (Cayman) Limited, part of Orion Mine
Finance Fund I.
About Aurcana Corporation
Aurcana Corporation is a primary silver producing company with
two properties: the La Negra Mine in Mexico and the Shafter Mine in
Texas, US. The latter was put on care and maintenance in December
2013, in part due to depressed silver prices. The Company continues
to plan further expansion at its La Negra Mine and to focus on
surface exploration on its extensive land holdings in the Maconi
Mining District.
Corporate
The Company's shares are also traded in the United States on
OTCQX under the symbol "AUNFF". Investors can find current
financial disclosure and Real-Time Level 2 quotes for the Company
on www.otcqx.com and www.otcmarkets.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
Lenic Rodriguez, President & CEO
The technical information in this release has been reviewed
by J. Blackwell (PGeo.), a Qualified Person as defined by National
Instrument 43-101.
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 release.
This news release contains certain forward-looking
statements, including statements regarding future development and
operational activities at the La Negra Project. These statements
are forward-looking statements that involve various risks and
uncertainties.
Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or "does not
expect", "is expected", "anticipates" or "does not anticipate"
"plans", "estimates" or "intends" or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved) are not statements of historical fact
and may be "forward-looking statements". Forward-looking statements
are subject to a variety of risks and uncertainties which could
cause actual events or results to materially differ from those
reflected in the forward-looking statements.
Actual results may differ materially from results
contemplated by the forward-looking statements. Important factors
that could differ materially from the Company's expectations
include, among others, risks related to general economic
conditions, including in particular metals prices, changes in the
availability of funding for mineral exploration and development,
the ability of the Company to pay its debts as they become due,
risks related to international operations, the ability of suppliers
to provide equipment, the availability of skilled labour,
conclusions of economic evaluations and changes in project
parameters as plans continue to be refined, and unanticipated
changes in key management personnel. When relying on
forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and should not place undue reliance on such
forward-looking statements. The Company does not undertake to
update any forward-looking statements, oral or written, made by
itself or on its behalf, except as required pursuant to applicable
securities laws. Accordingly, readers should not place undue
reliance on forward-looking statements.
Aurcana CorporationLenic RodriguezPresident & CEO(604)
331-9333 or Toll Free: (866) 532-9333(604)
633-9179ir@aurcana.comwww.aurcana.comInvestor RelationsGary
LindseyStrataStar Group720-273-6224gary@strata-star.com
Aurcana Silver (CE) (USOTC:AUNFF)
Historical Stock Chart
From Apr 2024 to May 2024
Aurcana Silver (CE) (USOTC:AUNFF)
Historical Stock Chart
From May 2023 to May 2024