Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY |
OTC: ATCMF) announces its operating results for the three months
ended March 31, 2020 from its El Roble mine. Production for the
quarter totaled 4.93 million pounds of copper and 2,736 ounces of
gold in concentrates, an increase of 108% and 85% for copper and
gold, respectively, over the same period in 2019.
“The El Roble mine operated continuously under
strict prevention protocols and newly implemented health policies
for predominance of the quarter, with results in line with 2020
objectives,” said Fernando E. Ganoza, CEO. “We will continue to
comply with guidelines and regulations from local authorities in
the jurisdictions where we operate while putting tremendous
emphasis on the health and safety of all of our employees. At the
same time, we have deployed efforts to support local communities
and hospitals in their prevention and treatment efforts during
these unprecedented times.”
First Quarter Operational
Highlights
- Production of 4.93 million pounds of copper contained in
concentrates; an increase of 108% over Q1 2019.
- Production of 2,736 ounces of gold contained in concentrates;
an increase of 85% over Q1 2019.
- Average processed tonnes per day of 878, no significant change
over Q1 2019.
- Copper head grade of 3.31%, no significant change over Q1
2019.
- Gold head grade of 1.96 grams per tonne; a decrease of 13% over
Q1 2019.
- Copper and gold recovery of 91.9% and 59.0%; no significant
change for copper and a decrease of 2% for gold over Q1 2019.
COVID-19 Response Measures
In March 2020, the World Health Organization
declared coronavirus disease (COVID-19) a global pandemic. The
Company is closely monitoring developments and has implemented
preventative measures at the El Roble mine site, La Plata project,
as well as our corporate offices to safeguard the health of its
employees, while continuing to operate effectively and responsibly
in its communities. To date, we have no confirmed cases of the
COVID-19 at the mine site or the El Carmen community. The El Roble
mine continues to operate with minimum personnel and very
strict health and safety protocols in coordination with the local
hospital and authorities. The mine site currently has 42% of the
usual work force and contractors are down to a minimum. We will
continue to assess the situation and are prepared to swiftly make
any necessary adjustments within the regulatory framework issued by
the Colombian and Ecuadorian Ministry of Health and Social
Protection.
The Company, in coordination with local
authorities has deployed resources to help in the prevention and
treatment of the disease as well as support the local communities
where we operate. The following are some of the measures undertaken
by the Company;
- The provision of medical and hospital supplies to the San Ramon
Hospital at Carmen de Atrato to control, monitor and diagnose
COVID-19 as well as to treat patients.
- Hiring medical staff for the San Ramon Hospital to work on a
prevention campaign in the local community.
- Donation of food and basic supplies to vulnerable families in
the Carmen de Atrato community.
- Providing basic supplies to local authorities to aid in
preventative measures.
- Donations of medical supplies to Hospitals in the Choco
Province and Municipalities close to El Carmen de Atrato.
- Donation of medical grade personal protection equipment to the
local medical clinic in Palo Quemado.
- Participation in the RadioThon initiative organized by the
provincial government to recollect medical supplies and equipment
in Ecuador.
First Quarter Operational
Details
|
Q1 2020 Total |
Q1 2019 Total |
% Change |
Production (Contained in Concentrates) |
|
|
|
Copper (000s pounds) |
4,926 |
2,362 |
108% |
Gold (ounces) |
2,736 |
1,552 |
85% |
Mine |
|
|
|
Tonnes of ore mined |
72,777 |
34,796 |
82% |
Mill |
|
|
|
Tonnes processed |
73,374 |
35,581 |
106% |
Tonnes processed per day |
878 |
885 |
Nil% |
Copper grade (%) |
3.31 |
3.29 |
Nil% |
Gold grade (g/t) |
1.96 |
2.24 |
-13% |
Recoveries |
|
|
|
Copper (%) |
91.9 |
91.6 |
Nil% |
Gold (%) |
59.0 |
60.6 |
-2% |
Concentrates |
|
|
|
Copper and Gold Concentrates (dmt) |
10,213 |
4,921 |
108% |
|
|
|
|
Payable copper produced (000s lbs) |
4,680 |
2,244 |
108% |
Note: Metal production figures are subject to
adjustments based on final settlement. The reported results are
preliminary in nature and are awaiting independent lab
verification.
El Roble Mine
The El Roble mine is a high grade, underground
copper and gold mine with nominal processing plant capacity of
1,000 tonnes per day, located in the Department of Choco in
Colombia. Its commercial product is a copper-gold concentrate.
Since obtaining control of the mine on November
22, 2013, Atico has upgraded the operation from a historical
nominal capacity of 400 tonnes per day.
El Roble has a measured and indicated resource
of 1.87 million tonnes grading 3.46% copper and 2.27 g/t gold, at a
cut-off grade of 0.93% copper equivalent. Mineralization is open at
depth and along strike and the Company plans to further test the
limits of the resource.
On the larger land package, the Company has
identified a prospective stratigraphic contact between volcanic
rocks and black and grey pelagic sediments and cherts that has been
traced by Atico geologists for ten kilometers. This contact has
been determined to be an important control on VMS mineralization on
which Atico has identified numerous target areas prospective for
VMS type mineralization occurrence, which is the focus of the
current surface drill program at El Roble.
Qualified Person
Mr. Thomas Kelly (SME Registered Member
1696580), advisor to the Company and a qualified person under
National Instrument 43-101 standards, is responsible for ensuring
that the technical information contained in this news release is an
accurate summary of the original reports and data provided to or
developed by Atico.
About Atico Mining Corporation
Atico is a growth-oriented Company, focused on
exploring, developing and mining copper and gold projects in Latin
America. The Company operates the El Roble mine and is pursuing
additional acquisition opportunities. For more information, please
visit www.aticomining.com.
ON BEHALF OF THE BOARD
Fernando E. GanozaCEOAtico Mining
Corporation
Trading symbols: TSX.V: ATY | OTC: ATCMF
Investor RelationsIgor DutinaTel:
+1.604.633.9022
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.
No securities regulatory authority has either
approved or disapproved of the contents of this news release. The
securities being offered have not been, and will not be, registered
under the United States Securities Act of 1933, as amended (the
‘‘U.S. Securities Act’’), or any state securities laws, and may not
be offered or sold in the United States, or to, or for the account
or benefit of, a "U.S. person" (as defined in Regulation S of the
U.S. Securities Act) unless pursuant to an exemption therefrom.
This press release is for information purposes only and does not
constitute an offer to sell or a solicitation of an offer to buy
any securities of the Company in any jurisdiction.
Cautionary Note Regarding
Forward-Looking Statements
This announcement includes certain
“forward-looking statements” within the meaning of Canadian
securities legislation. All statements, other than statements of
historical fact, included herein, without limitation the use of net
proceeds, are forward-looking statements. Forward-looking
statements involve various risks and uncertainties and are based on
certain factors and assumptions. There can be no assurance that
such statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company’s expectations include
uncertainties relating to interpretation of drill results and the
geology, continuity and grade of mineral deposits; uncertainty of
estimates of capital and operating costs; the need to obtain
additional financing to maintain its interest in and/or explore and
develop the Company’s mineral projects; uncertainty of meeting
anticipated program milestones for the Company’s mineral projects;
and other risks and uncertainties disclosed under the heading “Risk
Factors” in the prospectus of the Company dated March 2, 2012 filed
with the Canadian securities regulatory authorities on the SEDAR
website at www.sedar.com
Non-GAAP Financial Measures
The items marked with a "(1)" are alternative
performance measures and readers should refer to Non-GAAP Financial
Measures in the Company's Management's Discussion and Analysis for
the nine months ended September 30, 2016 as filed on SEDAR and as
available on the Company's website for further details.
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