Atico Reports 2022 Fourth Quarter and Full Year Production Results
24 January 2023 - 8:30AM
Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY |
OTCQX: ATCMF) is pleased to announce operating results for the
three and twelve month periods ended December 31, 2022 from its El
Roble mine. Production totaled 2.95 million pounds of copper with
3,083 ounces of gold for the fourth quarter (“Q4 2022”) and 15.03
million pounds of copper with 11,254 ounces of gold in concentrates
for the full year 2022.
“2022 presented us with numerous challenges at
the operation, very tough weather conditions along with major
equipment malfunction certainly tested the operating team
throughout the year. Despite these challenges, we delivered on most
of our production guidance. Copper production was in line with our
guidance, while gold production came in just under budget, mostly
explained by less processed tonnes of ore,” said Fernando E.
Ganoza, CEO. “In 2023 we will continue to aggressively explore the
El Roble project looking to extend the life of mine while at the
same time completing the La Plata Feasibility Study and the
permitting process.”
Fourth Quarter and Full Year Operational
Highlights
Fourth Quarter
- Production of 2.95 million pounds
of copper contained in concentrates; a decrease of 40% over Q4
2021.
- Production of 3,083 ounces of gold
contained in concentrates; a decrease of 2% over Q4 2021.
- Average processed tonnes per day of
820; a decrease of 10% over Q4 2021.
- Copper and gold head grades of
2.25% and 2.30 grams per tonne; a decrease of 30% for copper and an
increase of 6% for gold over Q4 2021.
- Copper and gold recovery of 90.1%
and 58.4%; a decrease of 6% for copper and 5% for gold over
2021.
2022 Year-end
- Production of 15.03 million pounds
of copper contained in concentrates; a decrease of 17% over
2021.
- Production of 11,254 ounces of gold
contained in concentrates; an increase of 2% over 2021.
- Average processed tonnes per day of
826; a decrease of 10% over Q4 2021.
- Copper and gold head grades of
2.99% and 2.31 grams per tonne; a decrease of 2% for copper and an
increase of 17% for gold over 2021.
- Copper and gold recovery of 91.3%
and 60.7%; no significant change for copper and gold over
2021.
Fourth Quarter and Full Year Operational
Details
|
Q1 Total |
Q2 Total |
Q3 Total |
Q4 Total |
2022 Total |
Production (Contained in Concentrates) |
|
|
|
|
|
Copper (000s pounds) |
4,731 |
3,591 |
3,753 |
2,954 |
15,029 |
Gold (ounces) |
2,636 |
2,811 |
2,724 |
3,083 |
11,254 |
Mine |
|
|
|
|
|
Tonnes of ore mined |
66,594 |
61,667 |
66,245 |
56,168 |
250,674 |
Mill |
|
|
|
|
|
Tonnes processed |
65,844 |
56,172 |
59,689 |
67,605 |
249,311 |
Tonnes processed per day |
826 |
889 |
786 |
820 |
826 |
Copper grade (%) |
3.55 |
3.17 |
3.12 |
2.25 |
2.99 |
Gold grade (g/t) |
2.08 |
2.47 |
2.28 |
2.30 |
2.31 |
Recoveries |
|
|
|
|
|
Copper (%) |
91.8 |
91.4 |
91.5 |
90.1 |
91.3 |
Gold (%) |
59.7 |
62.9 |
62.0 |
58.4 |
60.7 |
Concentrates |
|
|
|
|
|
Copper and gold concentrates (dmt) |
10,719 |
8,278 |
9,048 |
7,454 |
35,499 |
|
|
|
|
|
|
Payable copper produced (000s lbs) |
4,576 |
3,411 |
3,565 |
2,806 |
14,358 |
Note: Metal production figures are subject to
adjustments based on final settlement.
2023 Operating and Cost
Guidance
|
|
Copper (000s pounds) |
14,000 to 15,000 |
Gold (ounces) |
10,500 to 12,000 |
C1 Cash Cost ($US)(1) |
$1.55 to $1.72 |
Note: Please see “Non-GAAP Financial Measures”
at the end of this release. C1 cash cost per pound of payable
copper produced net of by-product credits and selling costs.
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
1.00 million tonnes grading 3.02% copper and 1.76 g/t gold, at a
cut-off grade of 1.3% copper equivalent with an effective date of
September 30, 2020. 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 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 | 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, 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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