Aya Gold & Silver Inc. (TSX: AYA) (“Aya” or the
“Corporation”) is pleased to provide an update on its first 100
days of operations since the change of management disclosed in its
press release issued on April 24th, 2020.
Operations Update:
A President and General Manager was appointed to Compagnie
Minière Maya Maroc (“CMMM”), the Corporation’s wholly owned
subsidiary in May of this year and quickly reviewed the ongoing
operations. Together with new management and current employees, a
maintenance plan was presented and approved by the Board of
Directors of the Corporation. The maintenance plan includes mining
equipment, tailings facilities, living quarters, flotation plant,
cyanidation plant and surrounding infrastructure, which will
undergo significant repair in order to improve and optimize
operations. This plan will be implemented over the next 12 months.
Once completed, we expect the operations to produce one million
ounces of silver annually. These repairs will require intermittent
stoppages of certain parts of our two plants. As such, and until
these repairs are completed, we will not provide guidance as to the
production of silver.
Fixing and improving the tailings facilities is our initial
priority. Water deviation canals are currently being designed and
built to prevent spill over during the rainy season, which begins
in mid-November and lasts until the end of January. We expect this
work to be completed before the rainy season begins. We are also
addressing the base camp for employees. The well-being of our
employees along with the new realities of the COVID-19 pandemic has
made this a priority. We are happy to report that as of August
13th, 2020, no cases of COVID-19 have been reported by employees of
the Corporation.
Finally, the comminution circuits of both the flotation plant
and the cyanidation plant are being refurbished. The flotation
plant ball mill is the first critical piece of equipment, which is
currently under repair. This repair has forced a stoppage of the
ball mill for the past three weeks. We expect the ball mill to be
recommissioned in the next two weeks. Additionally, our current
mining equipment will undergo major repairs. New parts have been
ordered and we are awaiting delivery to begin maintenance work.
The Corporation also announced a 15,000 meter exploration
drilling program and intends to use geophysics at the Zgounder
Silver deposit. This is also a high priority to better understand
Zgounder, which holds tremendous potential. The Corporation has
also launched, in partnership with DRA/Met-Chem, a feasibility
study on the Zgounder Silver deposit to increase throughput of the
plant to 2,000 tons per day. We expect to be able to share results
of this study in the second half of 2021.
Other properties in the Corporation’s portfolio, including
Boumadine, Azegour and Amizmiz are under review. As more
information on these properties becomes available, we will update
the market.
Administration Update:
The Corporation hired a CFO in May of this year along with a
dedicated accounting team, which was previously outsourced. The
team has been mandated by the Board to resolve control and
disclosure issues described in the Corporation’s financial
statements as quickly as possible. It is expected that all
disclosure and control issues, mandatory by national regulation
52-109, will be resolved by year-end.
Furthermore, the Corporation has increased its in-house
capabilities by hiring two geologists, a metallurgical engineer, a
project manager, a sustainability manager, and an in-house
counsel.
The Corporation changed its name to Aya Gold & Silver Inc.
and its ticker to “AYA” on July 30th, 2020.
"We are pleased with what we have accomplished in the first 100
days of taking control and implementing the changes needed to
improve efficiency and optimize operations" said Benoit La Salle,
President & CEO of the Corporation. “We expect our ongoing
efforts, coupled with our drill exploration program and expansion
plans to significantly drive shareholder value. Aya is committed to
building value through responsible operations and is focused on
ensuring health and safety of its employees and communities in
which it operates.”
About Aya Gold & Silver
Inc.
Aya Gold & Silver Inc. is a publicly traded Canadian company
focused on the operation, exploration, acquisition and development
of silver and gold deposits. Aya is currently operating mining and
milling facilities at its Zgounder Silver Mine, an 85%-15% joint
venture between its subsidiary, ZMSM, and the Office National des
Hydrocarbures et des Mines (“ONHYM”) of the Kingdom of
Morocco.
Its mining portfolio also includes the Boumadine polymetallic
deposit located in the Anti-Atlas Mountains of Eastern Morocco
which is also a joint venture with ONHYM wherein Aya retains an 85%
ownership. Additionally, the Corporation’s portfolio includes the
Amizmiz and Azegour properties, both being 100% owned, with gold,
tungsten, molybdenum and copper occurrences covering over 100
square kilometres in a historical mining district of Morocco.
For additional information, please visit Aya’s website at
www.ayagoldsilver.com
Or contact:
Benoit La Salle, FCPA FCA President & CEO Tel:
+1 (514) 951-4411 benoit.lasalle@ayagoldsilver.com |
Alex Ball Corporate Development & IR Tel: +1 (647)
919-2227 alex.ball@ayagoldsilver.com |
Forward-Looking Statements
This press release contains "forward-looking information" within
the meaning of Canadian securities legislation. All information
contained herein that is not clearly historical in nature may
constitute forward-looking information. Generally, such
forward-looking information can be identified by the use of
forward-looking terminology such as “will”, “expect”, “continue”,
“provide”, “present”, “reasonable”, “established”, “has”,
“demonstrate”, “potential”, “committed” or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would" or "might". Forward-looking information is subject
to known and unknown risks, uncertainties and other factors that
may cause the actual results, level of activity, performance or
achievements of the Corporation to be materially different from
those expressed or implied by such forward-looking information,
including but not limited to: (i) volatile stock price; (ii) the
general global markets and economic conditions; (iii) the
possibility of write-downs and impairments; (iv) the risk
associated with exploration, development and operations of mineral
deposits including the accuracy of the current mineral reserve and
mineral resource estimates of the Corporation (including, but not
limited to, ore tonnage and ore grade estimates) and mine plans for
the Corporation’s mining operations (including, but not limited to,
throughput and recoveries being affected by metallurgical
characteristics); (v) the risk associated with establishing title
to mineral properties and assets including permitting, development,
operations and production from the Corporation’s operations being
consistent with expectations and projections; (vi) fluctuations in
commodity prices and other risks and factors described or referred
to in the section entitled "Risk Factors" in the MD&A of the
Corporation and which is available at www.sedar.com, all of which
should be reviewed in conjunction with the information found in
this news release
Although the Corporation has attempted to identify important
factors that could cause actual results to differ materially from
those contained in the forward-looking information, there may be
other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such forward-looking information. Such
forward-looking information has been provided for the purpose of
assisting investors in understanding the Corporation's business,
operations and exploration plans and may not be appropriate for
other purposes. Accordingly, readers should not place undue
reliance on forward-looking information. Forward-looking
information is given as of the date of this press release, and the
Corporation does not undertake to update such forward-looking
information except in accordance with applicable securities
laws.
Alex Ball
Aya Gold & Silver Inc.
1 (647) 919-2227
alex.ball@ayagoldsilver.com