Atico Produces 1.4 Million Pounds of Cu and 1,147 Ounces of Au in the First Quarter of 2014
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 28, 2014) - Atico Mining Corp. (TSX VENTURE:ATY)(PINKSHEETS:ATCMF) is pleased to announce its operating results for the three months ended March 31, 2014 from its El Roble mine. Production totaled 1.4 million pounds of copper and 1,147 ounces of gold in concentrates.
"We are extremely pleased with the operational results from our first full quarter of production," said Fernando E. Ganoza, CEO. "The metal production significantly increased from previous quarters while we advanced the El Roble scale-up on schedule. We are well on track to reach 650 tonnes processed per day by year end."
First Quarter Operational Highlights
- Production of 1.4 million pounds of copper contained in concentrates; equals total copper produced during all 2013.
- Production of 1,147 ounces of gold contained in concentrates; 72% increase over the last quarter of 2013.
- Average processed tonnes per day of 354; in line with company expectations for this quarter.
- Copper and gold head grades of 3.01% and 2.43grams per tonne; in line with company expectations for this quarter.
- Copper and gold recovery of 91.5% and 63.7% respectively; better than expected gold recovery driven by process improvements and copper recovery in line with expectations.
First Quarter Operational Details
| Q1 Total | ||
| Production (Contained in Concentrates) | ||
| Copper (000s pounds) | 1,398 | |
| Gold (ounces) | 1,147 | |
| Mine | ||
| Tonnes of ore mined | 26,791 | |
| Mill | ||
| Tonnes processed | 23,016 | |
| Tonnes processed per day | 354 | |
| Copper grade (%) | 3.01 | % |
| Gold grade (g/t) | 2.43 | |
| Recoveries | ||
| Copper (%) | 91.5 | % |
| Gold (%) | 63.7 | % |
| Concentrates | ||
| Copper and Gold Concentrates (dmt) | 2,735 | |
| Payable copper produced (000s lbs) | 1,332 |
Note: Metal production figures are subject to adjustments based on final settlement.
First Quarter Financial Results Timing
Atico will report 2014 first quarter financial results on Thursday, May 29, 2014 after market close.
Annual General Meeting
Atico Mining cordially invites all shareholders to its Annual General and Special Meeting of Shareholders, at 10:00 am, Thursday, May 29, 2014, at the Four Seasons Hotel, 791 West Georgia Street, 3rd Floor (Oak Room), Vancouver, British Columbia.
El Roble Mine
El Roble is an operating underground copper and gold mine with a nominal mineral processing capacity of 400 tonnes per day. Over the past 22 years, the mine has processed 1.5 million tonnes of ore at an average head grade of 2.5% copper and an estimated 2.5 g/t gold. Copper and gold mineralization occurs within volcanogenic massive sulfide ("VMS") lenses.
Since entering into an option agreement in January 2011 to acquire 90% of El Roble, Atico has aggressively explored the mine and surrounding claims. The Company has completed 11,740 meters of diamond drilling and identified numerous prospective targets for VMS deposits on the 6,679-hectare property. This exploration led to the discovery of high-grade copper and gold mineralization below the 2000 level, the lowest production level of the El Roble mine. Atico has developed a new adit access from the 1880 elevation to develop these new resources.
National Instrument 43-101 compliant inferred mineral resource are 1.58 million tonnes grading 4.45 % copper and 3.17 g/t gold, at a cut-off grade of 0.72 % copper equivalent. Mineralization is open at depth and along strike, the Company plans to further test the limits of the resource.
On the larger land package, the Company has identified a prospective stratigraphic contact between volcanic rocks and black and grey cherts that has been traced by Atico geologists for ten kilometers. This contact has been determined to be an important control on VMS mineralization on which Atico has identified 15 prospective target areas for VMS type mineralization occurrence, which is the focus of the surface drill program at El Roble.
Qualified Person
Mr. Thomas Kelly (SME Registered Member 1696580), Chief Operating Officer of the Company and a qualified person under National Instrument 43-101 standards, is responsible for ensuring that the information contained in this news release is an accurate summary of the original reports and data provided to or developed by Atico.
About Atico Mining Corporation
Atico is a growth-oriented company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company operates the El Roble mine and is pursuing additional acquisition opportunities. For more information, please visit www.aticomining.com.
ON BEHALF OF THE BOARD
Fernando E. Ganoza, CEO, Atico Mining Corp.
Trading symbols: (TSX VENTURE:ATY)(PINKSHEETS:ATCMF)
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.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward Looking Statements
This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company's mineral projects; uncertainty of meeting anticipated program milestones for the Company's mineral projects; and other risks and uncertainties disclosed under the heading "Risk Factors" in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com.
