Atico Produces 4.95 Million Pounds of Cu and 2,733 Ounces of Au in Second Quarter 2020
July 14 2020 - 5:00PM
Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY |
OTC: ATCMF) announces its operating results for the three months
ended June 30, 2020 from its El Roble mine. Production for the
quarter totaled 4.95 million pounds of copper and 2,733 ounces of
gold in concentrates, an increase of 57% for copper and an increase
of 29% for gold over the same period in 2019.
“We are pleased to report production results in
line with our 2020 objectives while the mine continued to operate
under strict preventative protocols and health policies. To date,
we have no confirmed cases of the COVID-19 at the mine site,” said
Fernando E. Ganoza, CEO. “We continue to put tremendous emphasis on
the health and safety of all of our employees while at the same
time keeping a focus on delivering our 2020 production
guidance.”
Second Quarter Operational
Highlights
- Production of 4.95 million pounds of copper contained in
concentrates; an increase of 57% over Q2 2019.
- Production of 2,733 ounces of gold contained in concentrates;
an increase of 29% over Q2 2019.
- Average processed tonnes per day of 903, an increase of 8% over
Q2 2019.
- Copper head grade of 3.38%, an increase of 3% over Q2
2019.
- Gold head grade of 2.02 grams per tonne; a decrease of 13% over
Q2 2019.
- Copper and gold recovery of 92.7% and 58.6%; an increase of 1%
for copper and no significant change for gold over Q2 2019.
Second Quarter Operational
Review
Overall production was in line with Company
budget for the second quarter. The increase in most output metrics
for the quarter is explained by the mine operating for the full
quarter relative to Q2-2019 where the operation was stopped during
the 2019 miners strike. The operation remains on track to deliver
on set guidance throughout the remainder of the year.
The Company continues to closely monitor
developments around the COVID-19 pandemic and continues to maintain
strict 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.
Second Quarter Operational
Details
|
Q2 2020 Total |
Q2 2019 Total |
% Change |
Production (Contained in Concentrates) |
|
|
|
Copper (000s pounds) |
4,952 |
3,157 |
57% |
Gold (ounces) |
2,733 |
2,116 |
29% |
Mine |
|
|
|
Tonnes of ore mined |
76,825 |
47,321 |
62% |
Mill |
|
|
|
Tonnes processed |
71,804 |
47,534 |
51% |
Tonnes processed per day |
903 |
839 |
8% |
Copper grade (%) |
3.38 |
3.28 |
3% |
Gold grade (g/t) |
2.02 |
2.34 |
-13 |
Recoveries |
|
|
|
Copper (%) |
92.7 |
91.7 |
1% |
Gold (%) |
58.6 |
58.4 |
Nil |
Concentrates |
|
|
|
Copper and Gold Concentrates (dmt) |
10,828 |
6,561 |
65% |
|
|
|
|
Payable copper produced (000s lbs) |
4,704 |
2,999 |
57% |
Note: Metal production figures are subject to adjustments based on
final settlement. |
Concentrate Inventory
The number of shipments the Company can export
in any given quarter depends on several variables some of which the
Company does not control, hence there may be an inherent
variability in tonnes shipped quarter to quarter.
|
Q2 2020 Total |
Amounts in dry metric tonnes |
|
Opening inventory |
4,435 |
Production |
10,828 |
Sales |
10,001 |
Number of shipments |
1 |
Closing inventory |
5,262 |
Note: Concentrate figures are subject to adjustments based on final
settlement. |
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 Proven and Probable reserves of
1.47 million tonnes grading 3.40% copper and 1.88 g/t gold, at a
cut-off grade of 1.93% copper equivalent as of June 30th, 2018.
Mineralization is open at depth and along strike and the Company
plans to further test the limits of the deposit.
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 generates significant cash flow through the
operation of the El Roble mine and is developing it’s high-grade La
Plata VMS project in Ecuador. The Company is also pursuing
additional acquisition of advanced stage 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;
the world-wide economic and social impact of COVID-19 is managed
and the duration and extent of the coronavirus pandemic is
minimized or not long-term; disruptions related to the COVID-19
pandemic or other health and safety issues, or the responses of
governments, communities, the Company and others to such pandemic
or other issues; 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
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