VANCOUVER, Aug. 22, 2017 /CNW/ - INCA ONE GOLD CORP.
(TSXV: IO, Frankfurt:
SU9.F, SSEV: IOCL) ("Inca One" or the
"Company") is pleased to announce gold production in May and
June 2017 reached 1,659 ounces, an
increase of 109% year-over-year and an increase of 9% from
February, March and April of 2017 ("Q4 2017").
During the two months, the Company achieved an average
throughput of 60 tonnes per day ("TPD"), an increase of 109%
from the comparable period in 2016, and an increase of 5% from Q4
2017. Over these two months, the Company processed
approximately 3,681 tonnes of material, compared to 1,747 tonnes
year-over-year, (an increase of 111%).
Inca One previously reported (June
2017 press release) that mining activity in Peru was disrupted this year by unusually
harsh weather conditions including flooding. After the floods
subsided, roadways re-opened and mineral deliveries picked up,
allowing the Company to realize a substantial increase in supply of
gold bearing material for processing. Mineral purchases from
May and June of 2017 increased by an average of 124% year-over-year
and 3% over Q4 2017.
"We are pleased with the triple digit improvements in the three
main facets of the business: mineral deliveries, processing and
gold production," stated Inca One President and CEO, Edward Kelly. "We are building a solid
platform which we expect to improve on in the second half of this
year."
Electrical Grid Update
Inca One's wholly owned Chala One milling facility is now
connected to the electrical grid. The milling facility is currently
receiving approximately two thirds of its power from the grid.
Final upgrades to the grid proximal to the town of Chala are
underway. Full powerline delivery is anticipated to be provided by
SEAL, the regional power supplier, by the fall of 2017.
Changes to Board and Management
Inca One announces the resignation of Mr. Oliver Foeste from its Board of Directors and as
Chief Financial Officer. Mr. Foeste has served as a Director of the
Company since 2010, during which time Inca One transitioned from an
early stage exploration company into an operating gold processor
with cumulative revenue in excess of US$30M since commercial operations began in
2015. The Company would like to thank Mr. Foeste for his
dedication, diligence and positive contributions over the past 7
years and wishes him the very best as he focuses on his growing
accounting and finance advisory practice.
Also resigning from the Inca One Board is Mr. Richard A. Mundie. The Company would like to
thank Mr. Mundie for his guidance, and wish him well in all future
endeavors.
The Company is pleased to announce the appointment of Mr.
Kevin Hart as Chief Financial
Officer.
Mr. Hart is a Chartered Professional Accountant with over 20
years of international experience in finance, administration and
governance for mining companies listed on the TSX and NYSE. Most
recently, he was Corporate Controller for Asanko Gold Inc.
During his tenure, Asanko transitioned into a mid-tier gold
producer in Ghana, West
Africa. Prior to Asanko, Mr. Hart held senior finance and
management positions for several companies founded by the Hunter
Dickinson ("HDI") group. Those companies included Farallon,
which built the G9 Mine in Mexico
and was sold to Nyrstar in 2011. Mr. Hart was also involved in the
restart of Taseko's Gibraltar Copper Mine in Williams Lake, BC.
The Company is also pleased to announce the appointments of Mr.
Rodney Stevens and Mr. Adrian Morger to its Board of Director's
effective immediately.
Mr. Stevens is a CFA charter holder with over ten years
experience in the capital markets, first as an Investment Analyst
with Salman Partners Inc., then as a merchant and investment
banker. While at Salman Partners, Mr. Stevens was recognized by
Starmine in 2007, as a top-rated analyst for the metals and mining
industry. Over the course of his career, Mr. Stevens has been
instrumental in assisting in financings and M&A activity worth
over $1 billion in transaction
value.
Adrian Morger is a European based
asset manager with over 20 years experience in the banking
industry. After studying Business and Economics from
1998-2001 at the University of Applied
Sciences in Chur, Switzerland, he worked as Fund Manager of
Alternative Investments at Internationale Fonds Service AG, then as
Head of Fund and Manager Selection for VP Bank AG in Vaduz, Liechtenstein. In March 2009, he founded Everest Wealth Management
AG, followed in January 2015 by
Falknis Wealth Management AG. His asset management businesses
also provide direct loans to mining companies.
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 Chala
One milling facility located in Chala, 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.
SOURCE Inca One Gold Corp.