Aurcana Provides Construction Update for Its Revenue Virginius Mine
18 February 2021 - 9:30PM
AURCANA SILVER CORPORATION ("
Aurcana" or the
"
Company") (TSXV: AUN) is pleased to provide
a construction update for its Revenue Virginius Mine, (RV Mine)
located near Ouray, Colorado. Aurcana is fully funded for the RV
Mine restart including a robust contingency. Excess funding will be
applied to potential value added activities such as such as
exploration of vein extensions, potential production volume
increases, strategic regional consolidation, and Shafter value
added activities.
The Company remains on track to deliver a ramp
up to full production in the second half of 2021. Please note the
following progress milestones:
- Staffing:
- All management
personnel have been hired and are currently in place at the RV Mine
along with Kevin Drover, President and CEO of Aurcana Silver
Corporation who relocated to Ouray at the end of 2020 to directly
oversee the restart.
- The current
complement of employees and contractors working at the site is
approximately 130 people including 110 working directly for the RV
Mine.
- Surface
Facilities Upgrades:
- The rail-yard
building constructed to provide storage of ore car train sets and
material storage is completed.
- Foundations for
the reagent building and miners dry room are poured and awaiting
structural steel erection.
- Underground
Development:
- Debottlenecking
of underground infrastructure continues allowing for more efficient
development work.
- Significant
progress has been made on #1 and #2 vertical raises to access the
initial production stopes, and the vertical development sequence
has been optimized to allow horizontal drifting to begin earlier on
the lower (closer to rail level) production levels. #3 raise will
commence in April.
- The Hubb-Reed
raise shown on the drawing below is the main secondary escapeway
from the mine. The opening has been completed and awaiting
installation of the elevator.
A figure accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/308f2f1a-eeda-4324-9940-fcd106075b56
- Processing
Facilities Upgrades:
- All major pieces
of equipment have been ordered and are either on-site or in
transit.
- The mill
foundation has been poured for the upgraded main mechanical
feeder.
- Current
expectations remain for mill commissioning and first ore through
the mill in the third quarter of CY2021.
Qualified Person Statement
The scientific and technical content of this news release was
reviewed and approved by Michael Gross, P. Geo, a “qualified
person” within the meaning of NI 43-101
ABOUT AURCANA CORPORATION
Aurcana Corporation owns the Revenue-Virginius
Mine, in Colorado, and the Shafter-Presidio Silver Project in
Texas, US. The primary resource at Shafter and Revenue-Viriginius
is silver. Both are fully permitted for production.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
“Kevin Drover”President & CEO
For further information, visit the website at www.aurcana.com or
contact:
Aurcana Corporation850 – 789 West Pender StreetVancouver, BC V6C
1H2Phone: (604) 331-9333
Gary Lindsey, Corporate CommunicationsPhone: (720)-273-6224
Email: gary@strata-star.com
CAUTIONARY NOTES
This press release contains forward looking
statements within the meaning of applicable securities laws. The
use of any of the words “anticipate”, “plan”, “continue”, “expect”,
“estimate”, “objective”, “may”, “will”, “project”, “should”,
“predict”, “potential” and similar expressions are intended to
identify forward looking statements. In particular, this press
release contains forward looking statements concerning, without
limitation, statements relating to the Private Placement (including
with respect to the timing of closing of the Private Placement).
Although the Company believes that the expectations and assumptions
on which the forward looking statements are based are reasonable,
undue reliance should not be placed on the forward looking
statements because the Company cannot give any assurance that they
will prove correct. Since forward looking statements address future
events and conditions, they involve inherent assumptions, risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of assumptions, factors and
risks. These assumptions and risks include, but are not limited to,
assumptions and risks associated with the receipt of regulatory or
shareholder approvals, and risks related to the state of financial
markets or future metals prices.
Management has provided the above summary of
risks and assumptions related to forward looking statements in this
press release in order to provide readers with a more comprehensive
perspective on the Company’s future operations. The Company’s
actual results, performance or achievement could differ materially
from those expressed in, or implied by, these forward looking
statements and, accordingly, no assurance can be given that any of
the events anticipated by the forward looking statements will
transpire or occur, or if any of them do so, what benefits the
Company will derive from them. These forward looking statements are
made as of the date of this press release, and, other than as
required by applicable securities laws, the Company disclaims any
intent or obligation to update publicly any forward looking
statements, whether as a result of new information, future events
or results or otherwise.
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.
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