Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY |
OTCQX: ATCMF) is pleased to announce that it has received the
administrative resolution to modify the mining regime of its 100%
owned La Plata project (“The Project”) in Ecuador.
As part of the necessary permit and licensing
process to start the construction of the mine facilities, Atico has
received the resolution from the sectoral ministry which contains
the approval to place the La Plata VMS project into the economic
evaluation stage. With this change, the Company can now proceed to
develop its operations under the Medium Scale regime, according to
Ecuadorian legislation. This mining regime allows the La Plata
project to legally extract and process up to 1,000 tonnes per day
of minerals from its high-grade VMS.
Alain Bureau, President of Atico, commented;
“Our project has benefited from Presidential Decree #151, which
sets an action plan for the mining sector in Ecuador by
establishing policies aimed at promoting development of new mining
operations and attracting foreign investments.” Mr. Bureau
continued, “along with these government actions, strong cashflow
generation at the El Roble mine and the recently announced US $10
millions financing, Atico is in a very strong position to move
forward with its plan to put the La Plata Project into operation in
the short term.”
For 2022, Atico is focused on completing the
Feasibility Study, the Environmental Impact Study, and obtaining
the necessary permits and licenses to begin construction of the La
Plata project. The Project has been identified by the Government of
Ecuador as one of the next mining operations and also included in
its economic recovery plan. The Project consists of a high-grade
polymetallic VMS which is planned to be extracted using modern
underground mining methods and processed with a state-of-the-art
flotation plant while using the latest filtered tailing technology
to mitigate its environmental footprint. The Atico team continues
to be dedicated towards its goals of developing efficient,
environmentally and socially responsible mining projects in the
Americas.
La Plata Project
Gold-bearing sulphide mineralization at La Plata
occurs as compositional banding composed of chalcopyrite,
sphalerite and pyrite laminae with barite occurring as clasts and
also as layers. The mineralized lenses have also been dislocated by
a few faults and dolerite dikes cutting the body.
The La Plata project is amongst the
highest-grade gold-copper VMS deposits in which base and precious
metal mineralization is interpreted to have formed as part of
multiple volcanic episodes that created a stacked volcanic-exhalite
hydrothermal sequence considered favorable for hosting additional
VMS lenses. The recent drilling results in the southern portion of
the deposit have encountered deeper mineralization, and an
extension of mineralization to the north has been discovered by
recent trenching results.
The La Plata independent Amended and restated NI
43-101 Preliminary Economic Assessment of the La Mina VMS Project
Cotopaxi Province, Ecuador (“PEA”) originally dated March 30th,
2019, amended and restated July 17, 2019 was prepared by SGS Canada
Inc. Mineral Services, Daniel Leroux, M.Sc., P.Geo. Brian Wolfe.
M.Sc., MAIG, David Orava, P.Eng., Simon Meik, FAusIMM (CP), Qinghua
(Jason) Jin, P.E and pursuant to National Instrument 43-101 (“NI
43-101”) and reports the La Plata inferred resources at 1.9 million
tons at an average grade of 4.1 g/t Au, 49.4g/t silver, 3.3% Cu,
4.5% Zn, 0.6% Pb as available on SEDAR. Preliminary economic
assessments are preliminary in nature, that include inferred
mineral resources that are considered too speculative geologically
to have the economic considerations applied to them that would
enable them to be categorized as mineral reserves, and there is no
certainty that the preliminary economic assessment will be
realized. Such projects have increased uncertainty and risk of
failure. Mineral resources that are not mineral reserves do not
have demonstrated economic viability.
The La Plata project consists of two (2)
concessions covering a total area of 2,235 hectares along its
9-kilometer length, which contains known mineralization in two VMS
lenses and nine priority exploration targets.
Qualified Control
Dr. Michael Druecker, CPG, is a qualified person
under NI 43-101 standards and independent of the company, is
responsible for ensuring that the information contained in this
news release is an accurate summary of the original reports and
data provided to or developed by Atico Mining Corporation. Dr.
Druecker has approved the scientific and technical content of this
news release.
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 its 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 | OTCQX: 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, including without limitation the
delivery of a Feasibility study and initiating full permitting
process on the La Plata Project; unlocking further value of the
Company’s land packages, the use of the principal sum and
statements regarding the proposal for construction finance for the
La Plata Project 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. Readers should not place undue reliance on
forward-looking statements, which speak only as of the date
made.
Forward-looking information and statements
contained in this press release are based on our opinions,
estimates and assumptions in light of our experience and perception
of historical trends, current conditions and expected future
developments, as well as other factors that we currently believe
are appropriate and reasonable in the circumstances. These
opinions, estimates and assumptions include but are not limited to:
the completion of satisfactory due diligence by the Lender with
respect to any construction finance for the La Plata Project, the
ability and willingness of the parties to negotiate and settle the
final terms for financing the La Plata Project construction; that
mutually acceptable terms can be agreed to, including the principal
sum for finance of the La Plata Project construction; and the
conditions to closing will be satisfied, including necessary
regulatory approvals. Despite a careful process to prepare and
review the forward-looking information and statements, there can be
no assurance that the underlying opinions, estimates and
assumptions will prove to be correct.
Important factors that could cause actual
results to differ materially from the Company’s expectations
include the Lender not moving beyond the due diligence stage with
respect to the Proposal; the parties being unable to agree to the
final terms of the financing for the construction of the La Plata
Project; the risk that the conditions to completion of the
financing for the construction of the La Plata Project will not be
satisfied; any event, change or other circumstance that could give
rise to the termination of the Proposal and any construction
financing for the La Plata Project will occur; receipt of any
regulatory approvals for the construction financing for the La
Plata Project; 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 management's discussion and
analysis of the Company for the nine months ended September 30,
2021 filed with the Canadian securities regulatory authorities on
the SEDAR website at www.sedar.com. Although we have attempted to
identify important risk factors that could cause actual results to
differ materially from those contained in forward-looking
information and statements in this press release, there may be
other risk factors not presently known to us or that we presently
believe are not material that could also cause actual results or
future events to differ materially from those expressed in such
forward-looking information in this press release.
The forward-looking statements contained in this
release represent our expectations as of the date of this release.
We disclaim any intention or obligation or undertaking to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required under
applicable securities laws.
Atico Mining (TSXV:ATY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Atico Mining (TSXV:ATY)
Historical Stock Chart
From Jul 2023 to Jul 2024