VANCOUVER, Oct. 16, 2018 /CNW/ - INCA ONE GOLD CORP.
(TSXV: IO) (Frankfurt:
SU9.F) (SSEV: IOCL) ("Inca One" or the
"Company") announces consolidated gold production for
September 2018 from its Chala One Plant ("Chala One") and its
recently acquired Koricancha Plant ("Kori One"). All
comparative production numbers relate only to Chala One.
Gold production reached 3,032 ounces as compared to 889 ounces
in September 2017, an increase of
241% year-over-year ("YOY") and an increase of 100% from the
prior month of August 2018 (1,513
ounces).
Material processed this September also increased on a YOY basis
as the combined plants processed 5,976 tonnes of gold bearing
material, an increase of 304% YOY and an increase of 89% from the
prior month of August 2018 (3,170
tonnes). Throughput in September averaged a combined 199
tonnes per day ("TPD").
In our first full month of stewardship at Kori One, initial
production numbers were pleasing. We immediately identified
cost-reduction opportunities as redundancies in administration,
overhead and staffing were addressed. Additional cost savings and
synergies are being evaluated and are expected to be implemented
accordingly.
Edward Kelly, President, and CEO
said, "We are extremely pleased to report, for the first time, the
consolidated production numbers from our two processing
plants. These figures will provide a new baseline for
comparative purposes as we begin to scale our business. The
synergies of having two highly optimized and integrated plants
situated close to each other have already allowed for substantial
efficiencies and cost savings. We have immediately doubled
our output, are operating at a robust 200 TPD and have excess
capacity of an additional 250 TPD available to us. This should
translate to significant and continued positive cash flows as we
scale up over the next few quarters."
About Inca One
Inca One is a Canadian-based mineral processing company.
The Company's activities consist of the production of gold and
silver from the processing of purchased minerals located in
Peru. Peru is the 6th
largest producer of gold in the world and the Peruvian government
estimates the small-scale mining sector accounts for a significant
portion of all Peruvian gold production, estimated to be valued
approximately US$3 billion annually.
The Company purchases its minerals from government registered
small-scale mining producers from various regions and processes it
at its Chala One and Kori One milling facilities located in
Arequipa, Southern Peru.
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 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.
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SOURCE Inca One Gold Corp.
