Inca One Issues Clarifying News Release Regarding Financial Press Article
VANCOUVER, BC--(Marketwired - March 24, 2015) - Inca One Gold Corp. (TSX VENTURE: IO) ("Inca One" or the "Company") reports that it is issuing the following news release to clarify certain disclosure made in a March 23, 2015 article issued by the Financial Press, a financial news service powered by GlobeNewswire.
In the Financial Press article, certain statements regarding the profitability of the Company's operations and its generation of positive cash flow were attributed to Mr. Kelly. Such statements were not appropriate given the current stage of development of the Company and included the following: "We are an industrial manufacturing company, processing ore which generates immediate cash flow."; "even in a difficult market, month over month, we remain profitable"; "Inca One's bottom line is only slightly affected by the price of gold"; and "…still solidly profitable. And if gold goes to $2,000 there's a $300 per ounce kicker." Although the Company intends to become profitable and generate positive cash flow and is employing a business model which management believes will enable it to attain these objectives, at this time it has a limited history of operations. In particular, the Company has only recently made significant investments into the expansion of its Chala One gold processing plant. Accordingly, the Company hereby retracts all such statements and advises readers not to rely on such statements.
In addition, the Financial Press article refers to mineralized material processed by the Company as "ore". In the context of mining and mineral exploration, the term "ore" implies technical feasibility and economic viability that should only be attributed to mineral reserves. The Company wishes to clarify that it is not engaged in mining or mineral exploration activities at the Chala One ore-processing plant. Rather, Inca One's activities at Chala One involve the processing of purchased ore. Accordingly, the Company is not treating such ore as a mineral resource or reserve.
The Company wishes to apologize for any confusion or misunderstanding caused by the statements in the Financial Press article described above.
About Inca One
Inca One is a Canadian-based 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 Plant).
On behalf of the Board,
Edward Kelly
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. This presentation 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.
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