Atico Signs an Agreement With the Ecuadorian Energy Company for the Engineering, Permitting and Construction of the La Plata ...
August 13 2020 - 5:00PM
Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY |
OTC: ATCMF) is pleased to inform that the Company officially
entered into an inter-institutional cooperation agreement (“The
Power Agreement”) between CNEL, the Ecuadorian National Electrical
Company and its Ecuadorean subsidiary Compañía Minera La Plata S.A.
The Company continues to advance the La Plata
permitting process while in parallel advancing different aspects of
required work to complete the planned feasibility study. As a major
component of this study, finding a solution for clean energy is an
important milestone. After several months of productive
negotiations with CNEL and the Ecuadorean energy authorities we are
pleased with the execution of this strategic agreement as it brings
the Company’s La Plata project another step closer towards
production.
The La Plata project has received strong support
from the Government of Ecuador and has been identified as part of
the “second generation” priority projects necessary for the
nation’s economic development. The Power Agreement confirms the
collaboration between Compañía Minera La Plata S.A, the local
subsidiary of Atico Mining in Ecuador and the national power
company CNEL consisting of the engineering, permitting and
construction required to connect the 69kv power line required for
La Plata’s planned mining infrastructures located in Palo Quemado,
province of Cotopaxi.
Alain Bureau, President of Atico Mining
commented: “This is a major milestone our team has achieved for the
La Plata project. The government has been quite supportive of the
project and our efforts to maintain excellent cooperation and
transparency with all level of authorities. This has been key to
build trust while making great strides towards fast tracking
permitting of this project. We would like to commend the
cooperation of CNEL´s authorities for their support on reaching
this milestone.”
The Power Agreement confirms the availability of
the required power source from CNEL’s regional substation located
only 7.5 km from the project. This Power Agreement also allows the
streamlining of the electrical power supply to the project and
demonstrates the Ecuadorian Government desire to fully integrate
power, oil and mining to rapidly nurture its plans within the
upcoming economic growth strategy. This agreement allows an easier
cooperation of all engineering and environmental teams to insure
the coordinated development and construction of the required
powerline and connectivity to the main grid. The country’s
authorities are also proud to provide a clean energy source as the
majority of Ecuador’s electrical power comes from modern low cost
hydroelectrical power plants.
As exploration and in-fill drilling continues
for the rest of the year with two drill rigs at La Plata, Atico is
boosting its local development team with the reassignment of some
of its mining professionals from El Roble to assist with the
engineering for the La Plata project. The Atico’s internal
development team and network of consultants (“the engineering
group”) has been very efficient in the transformation of the El
Roble mine from a 350 tpd small scale operation to a modern 1,000
tpd operation. El Roble processing plant expansion has successfully
increased its capacity maintaining high ore recoveries while at the
same time achieving a lower production cost profile.
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
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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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