Atico Reports 2017 Fourth Quarter and Full Year Production Results
23 January 2018 - 8:30AM
YASTEST
VANCOUVER, British Columbia,
Jan. 22, 2018 (GLOBE NEWSWIRE) -- Atico Mining
Corporation (the "Company" or "Atico") (TSXV:ATY) (OTC:ATCMF) is
pleased to announce operating results for the three and twelve
month periods ended December 31, 2017 from its El Roble mine.
Production totaled 5.33 million pounds of copper with 2,972 ounces
of gold for the fourth quarter ("Q4 2017") and 20.63 million pounds
of copper with 10,923 ounces of gold in concentrates for the full
year 2017.
"Atico has successfully concluded
its fourth full year of operating the El Roble mine, exceeding 2017
guidance while achieving the highest annual production results to
date," said Fernando E. Ganoza, CEO. "In the upcoming year, we will
focus on increasing mineral resources through aggressive
exploration at the El Roble mine and the surrounding prospective
6,600 hectare land package, to continue growing production and
expanding the operation."
Fourth Quarter and Full Year Operational
Highlights
Fourth
Quarter
- Production of 5.33 million pounds of copper
contained in concentrates; an increase of 3.5% over Q4 2016.
- Production of 2,972 ounces of gold contained in
concentrates; an increase of 5% over Q4 2016.
- Average processed tonnes per day of 763; a
decrease of 3% over Q4 2016.
- Copper and gold head grades of 3.98% and 2.25
grams per tonne; an increase of 2% for copper and 3% for gold over
Q4 2016.
- Copper and gold recovery of 95.0% and 64.2%; no
significant change over Q4 2016.
2017
Year-end
- Production of 20.63 million pounds of copper
contained in concentrates; an increase of 10% over 2016.
- Production of 10,923 ounces of gold contained in
concentrates; a decrease of 2% over 2016.
- Average processed tonnes per day of 790; no
significant change over 2016.
- Copper and gold head grades of 3.87% and 2.10
grams per tonne; an increase of 4% for copper and a decrease of 3%
for gold over 2016.
- Copper and gold recovery of 94.3% and 63.2%; no
significant change for copper and a decrease of 4% for gold over
2016.
Fourth Quarter and Full Year Operational
Details
|
Q1 Total |
Q2 Total |
Q3 Total |
Q4 Total |
2017 Total |
Production (Contained in Concentrates) |
|
|
|
|
|
Copper
(000s pounds) |
5,046 |
5,154 |
5,099 |
5,326 |
20,625 |
Gold
(ounces) |
2,550 |
2,570 |
2,831 |
2,972 |
10,923 |
Mine |
|
|
|
|
|
Tonnes of
ore mined |
63,468 |
65,942 |
74,919 |
64,705 |
269,034 |
Mill |
|
|
|
|
|
Tonnes
processed |
62,885 |
62,802 |
66,443 |
63,948 |
256,078 |
Tonnes
processed per day |
810 |
794 |
794 |
763 |
790 |
Copper
grade (%) |
3.89 |
3.94 |
3.68 |
3.98 |
3.87 |
Gold
grade (g/t) |
1.92 |
2.07 |
2.16 |
2.25 |
2.10 |
Recoveries |
|
|
|
|
|
Copper
(%) |
93.5 |
94.4 |
94.3 |
95.0 |
94.3 |
Gold
(%) |
65.8 |
61.8 |
61.1 |
64.2 |
63.2 |
Concentrates |
|
|
|
|
|
Copper
and Gold Concentrates (dmt) |
10,566 |
10,460 |
10,551 |
11,224 |
42,801 |
|
|
|
|
|
|
Payable
copper produced (000s lbs) |
4,790 |
4,897 |
4,844 |
5,060 |
19,591 |
Note: Metal
production 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 800 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. Ganoza
CEO
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTC:
ATCMF
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.
The Company has
not based its production decisions and ongoing mine production on
mineral reserve estimates, preliminary economic assessments or
feasibility studies, and historically such projects have increased
uncertainty and risk of failure. Mineral resources that are not
mineral reserves do not have demonstrated economic
viability.
Investor Relations
Igor Dutina
Tel: +1.604.633.9022
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Atico Mining Corporation via Globenewswire
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