VANCOUVER, Dec. 21, 2016 /CNW/ - INCA ONE GOLD
CORP. (TSX.V: IO) ("Inca One" or the
"Company") is pleased to provide the following update on the
Company's operations from its wholly owned subsidiary Chala One SAC
("Chala One").
The Company's 90 day ramp-up has now passed its second phase and
is well into its third and final phase. Through the month of
November 2016, Chala One processed
2,217 tonnes of gold bearing material as compared to the previous
nine-month average of 875 tonnes per month (from January 1 through September 30, 2016), an
increase of 153%. When compared to the prior month of
October, where Chala One processed 1,467 tonnes of material, the
increase represents a 51% change month over month.
The Company's controlled increase in production brought the
daily average throughput up to 74 tonnes per day ("TPD") in
November, a substantial increase over the previous nine-month
average of 29 TPD, and an increase of 57% over the prior month of
October. Chala One anticipates higher sustained throughput
levels in the next and final ramp-up phase. Gold production
during November reached 1,073 ounces of gold, an increase of 157%
as compared to the prior nine-month average of 417 ounces per
month, an increase of 66% November over October.
Mineral supply also continued with daily deliveries to Chala One
through November helping to maintain a healthy stockpile of mineral
for processing. The material purchasing program for November
reached 1970 tonnes. This is an increase of 84% compared to
the prior nine-month average of 1,071 tonnes per month.
Grades of material purchased in November have also climbed
slightly as Chala One progressed through this second ramp-up
phase. As previously reported on November 21, 2016, lower grade mill feed was
sourced to manage production and gold recovery risk and has proven
to be a sound strategy on route to higher throughput levels.
"The Company's ramp-up plan is now into its final phase as per
management's expectations and according to schedule," commented
Inca One President and CEO Edward
Kelly. "I anticipate our third and final phase of ramp-up
will continue to hit the targets we expect."
About Inca One
Inca One is a Canadian-based mineral processing company with a
gold milling facility in Peru,
servicing government-permitted, small-scale miners. As part of the
terms of the original purchase agreement for the Chala,
Peru processing facility, Inca One
has an agreement between its wholly owned subsidiary, Chala One
SAC, and the seller and initial permit applicant, to operate under
the umbrella of formalization until the successful completion of
all the environmental and operating permits. Peru, a highly mineral-rich country, is one of
the world's top producers of gold, silver, copper and zinc, with
substantial production coming from small scale miners who need
government permitted milling facilities to process their mineral
(such as the Company's Chala
Plant).
On behalf of the Board,
Edward Kelly,
President and CEO
INCA ONE GOLD CORP.
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 NEWS RELEASE.
Statements regarding the Company which are not historical facts
are "forward-looking statements" that involve risks and
uncertainties. Such information can generally be identified by the
use of forwarding-looking wording such as "may", "expect",
"estimate", "anticipate", "intend", "believe" and "continue" or the
negative thereof or similar variations. Since forward-looking
statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Actual
results in each case could differ materially from those currently
anticipated in such statements due to factors such as: (i)
fluctuation of mineral prices; (ii) a change in market conditions;
and (iii) the fact that the Company has limited operating
experience with its Chala plant and future operational results may
not be accurately predicted based on this limited information to
date. Except as required by law, the Company does not intend
to update any changes to such statements. Inca One believes
the expectations reflected in those forward-looking statements are
reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements
included herein should not be unduly relied upon.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state.
SOURCE Inca One Gold Corp.