Sierra Metals Obtains Key Operating Permit for Yauricocha Mine in Peru
February 21 2024 - 10:40AM
Business Wire
Permit to operate below the 1120 Level is
expected to increase throughput, reduce costs, extend mine life,
and support overall growth strategy
Sierra Metals Inc. (TSX:SMT; OTCQX:SMTSF) (“Sierra
Metals” or the “Company”) is pleased to announce that it
has received the required permit to develop and mine below the 1120
level at its Yauricocha Mine (“Yauricocha”) in Peru.
Ernesto Balarezo, Sierra Metals’ CEO, stated, “We are very
excited to have received the environmental permit to mine below the
1120 level at our Yauricocha Mine. As I have stated before, this
permit is a game changer for Yauricocha and a key pillar to support
the overall growth strategy for Sierra Metals.”
“The ore body below the 1120 level is vast and is expected to
allow us to raise throughput rates back to full mill capacity of
3,600 tons per day, representing an increase of approximately 40%
from current levels; lower operating costs given higher production
volumes and less expensive mining methods; and secure Yauricocha’s
long-term potential,” added Mr. Balarezo.
The granting of the 1120 level permit has the potential to
provide several significant catalysts for Sierra Metals, such as
operational enhancements, maximized operating capacity and cost
efficiencies. Most notably, with a modest capital investment in
mining operations, the development below the 1120 level is expected
to commence in the following weeks. Ramp up to full production
levels will be progressive and is expected to take between six and
nine months to achieve.
Qualified Person
Ricardo Salazar Milla (AIG #8551), Corporate Manager – Mineral
Resources, is a Qualified Person as defined in the National
Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Mr. Salazar has reviewed and approved the scientific and technical
content of this news release.
About Sierra Metals
Sierra Metals is a Canadian mining company focused on copper
production with additional base and precious metals by-product
credits at its Yauricocha Mine in Peru and Bolivar Mine in Mexico.
The Company is intent on safely increasing production volume and
growing mineral resources. Sierra Metals has recently had several
new key discoveries and still has many more exciting brownfield
exploration opportunities in Peru and Mexico that are within close
proximity to the existing mines. Additionally, the Company has
large land packages at each of its mines with several prospective
regional targets providing longer-term exploration upside and
mineral resource growth potential.
Forward Looking Statements
This news release contains forward-looking information within
the meaning of Canadian securities legislation. Forward-looking
information relates to future events or the anticipated performance
of Sierra Metals and reflects management's expectations or beliefs
regarding such future events and anticipated performance based on
an assumed set of economic conditions and courses of action
including the accuracy of the Company's current mineral resource
estimates, that the Company's activities will be conducted in
accordance with the Company's public statements and stated goals,
and that there will be no material adverse change affecting the
Company, its properties or its production estimates, the expected
trends in mineral prices, inflation and currency exchange rates,
that all required approvals will be obtained for the Company's
business operations on acceptable terms, mining methods to be used,
capital requirements to commence development below the 1120 level,
steps required to ramp up production levels below the 1120 level
and that there will be no significant disruptions affecting the
Company's operations. In certain cases, statements that contain
forward-looking information can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", "believes" or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might", or
"will be taken", "occur" or "be achieved" or the negative of these
words or comparable terminology. Forward-looking statements include
statements with respect to increasing throughput rates, lowering
operating costs, maximizing Yauricocha’s life of mine potential,
results of a modest capital investment in mining operations and
length of time to ramp up to full production levels. By its very
nature forward-looking information involves known and unknown
risks, uncertainties and other factors that may cause actual
performance of Sierra Metals to be materially different from any
anticipated performance expressed or implied by such
forward-looking information.
Forward-looking information is subject to a variety of risks and
uncertainties, which could cause actual events or results to differ
from those reflected in the forward-looking information, including,
without limitation, the risks described under the heading "Risk
Factors" in the Company's annual information form dated March 28,
2023 for its fiscal year ended December 31, 2022 and other risks
identified in the Company's filings with Canadian securities
regulators, which filings are available at www.sedarplus.ca.
The risk factors referred to above are not an exhaustive list of
the factors that may affect any of the Company's forward-looking
information. Forward-looking information includes statements about
the future and is inherently uncertain, and the Company's actual
achievements or other future events or conditions may differ
materially from those reflected in the forward-looking information
due to a variety of risks, uncertainties and other factors. The
Company's statements containing forward-looking information are
based on the beliefs, expectations, and opinions of management on
the date the statements are made, and the Company does not assume
any obligation to update such forward-looking information if
circumstances or management's beliefs, expectations or opinions
should change, other than as required by applicable law. For the
reasons set forth above, one should not place undue reliance on
forward-looking information.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240221919252/en/
For further information regarding Sierra Metals, please visit
www.sierrametals.com or contact: Investor Relations Sierra
Metals Inc. Tel: +1 (866) 721-7437 Email: info@sierrametals.com
Sierra Metals (TSX:SMT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sierra Metals (TSX:SMT)
Historical Stock Chart
From Apr 2023 to Apr 2024