SUGAR LAND, Texas, Jan. 16, 2018 /PRNewswire/ -- Trecora
Resources (NYSE: TREC), a leading provider of high purity specialty
hydrocarbons and waxes, today announced a progress report on the Al
Masane Al Kobra Mining Co. ("AMAK") operations. Trecora owns 33.4%
of AMAK, which is a Saudi Arabian joint stock company located in
the Kingdom of Saudi Arabia.
Highlights:
- Approximately 20,000 metric tons of Copper and Zinc concentrate
sales occurred in the fourth quarter of 2017 with corresponding
full year 2017 concentrate sales of approximately 28,000 metric
tons
- December feed rates were close to 70 dry metric tons per hour,
the highest level since the restart of the mine in January 2017
- Plant mechanical availability currently stands at 90%, which is
the highest since the restart
- Additional sales of gold and silver doré are expected in the
first quarter of 2018, with plans to commission Guyan Gold Project
in the first half of 2019
- The Life of Mine study for Al Masane Cu-Zn Mine, currently
anticipated to be available by the end of the first quarter of
2018, will benefit from recent improvements to the geological model
that are expected to increase both the confidence level of the
mineral resources and life of mine
"We are pleased with the continued progress at AMAK, which
provides us with additional confidence in the asset's ability to
generate future upside opportunities for Trecora shareholders,"
commented Simon Upfill-Brown, President and Chief Executive Officer
of Trecora Resources. "We are close to receiving the results
of the Life of Mine study, which was recently enhanced through
updates and improvements to the geological model. Mine production
shows an increasingly positive trend in terms of both output and
metal recoveries and this trend is expected to continue during 2018
until target levels are achieved. We believe the continued
improvement at AMAK, along with on-going positive exploration
results, further supports our goal of potential monetization of our
investment in the mine in the next year or so."
About Trecora Resources (TREC)
TREC owns and operates a facility located in southeast Texas, just north of Beaumont, which specializes in high purity
hydrocarbons and other petrochemical manufacturing. TREC also owns
and operates a leading manufacturer of specialty polyethylene waxes
and provider of custom processing services located in the heart of
the Petrochemical complex in Pasadena,
Texas. In addition, the Company is the original developer
and a 33.4% owner of Al Masane Al Kobra Mining Co., a Saudi Arabian
joint stock company.
Forward-Looking Statements
Statements in this press release that are not historical facts are
forward looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are based
upon our belief, as well as, assumptions made by and information
currently available to us. Because such statements are based upon
expectations as to future economic performance and are not
statements of fact, actual results may differ from those projected.
These risks, as well as others, are discussed in greater detail in
Trecora Resources' filings with the Securities and Exchange
Commission, including Trecora Resources' Annual Report on Form 10-K
for the year ended December 31, 2016,
and the Company's subsequent Quarterly Reports on Form 10-Q.
All forward-looking statements included in this press release are
based upon information available to the Company as of the date of
this press release.
Investor Relations Contact:
Jean Marie Young
The Piacente Group
212-481-2050
trecora@tpg-ir.com
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SOURCE Trecora Resources