Inca One Secures Mill Feed for Chala One Gold Ore Processing Plant
October 8, 2014 (Source: Marketwired) — INCA ONE GOLD CORP. (TSX VENTURE: IO)(“Inca One” or the “Company“) is pleased to announce that it has signed its first multi-delivery Letter of Agreement (“LOA”) to purchase mill feed for the Chala One gold ore processing plant.
- LOA signed with permitted mining operator in Peru.
- Ore feed meets the targets for grade, quality and consistency.
- 100 tonnes per day (“TPD”) crushing circuit complete and stockpiling has commenced.
The LOA is with a Peruvian government-approved third party mining company where they will provide an initial 350 tonnes per month (“TPM”) as they continue to ramp their mining operations to 1,000 TPM.
As part of our growth strategy it is our mandate is to secure ore from several sources. This is the first ore agreement secured of many the Company is currently working on to provide ongoing mill feed of 100TPD.
Inca One has completed its upgrades to the new 100 TPD crushing circuit allowing the Chala One plant to crush, sample and stockpile ore to be ready for processing upon completion of the plant construction, expected in Q4 2014.
The completed crushing circuit also allows the company to crush and sample potential mill feed quickly, which we anticipate will help in securing additional ore supply contracts shortly.
Get our daily investorintel update
Mr. Jaime Polar VP Development and Operations Peru states, “We are very pleased to have established this relationship with a recognized and proven mining operator in Peru. As licensed miners and ore processors, we both value our transparency, business ethics and working relationship and intend to build out a significant and mutually profitable business relationship.”
Inca One, with plant construction on budget and on schedule is well capitalized to purchase ore and build an inventory of ready-to-process ore from Peruvian government-approved mining operators that meet the high standards of grade and metallurgical recovery being sought to enhance the mill economics the Company is seeking.
About Inca One Gold Corp.: Inca One is a Canadian-based mineral resource company and ore processing company with a gold milling facility in Peru, servicing government-permitted small-scale miners. A highly mineral-rich country, Peru 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 ore (such as the Company’s Chala mill).
On behalf of the Board,
President & 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.
This news release deals only with the Company’s Chala plant, which is an industrial project. It does not deal at all with the Company’s sole mineral exploration property, the Corizona property. Investors should note that no resource has been established on the Corizona property and all of the material currently being processed at the Chala plant is received from local small-scale mining operations.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>