Inca One produces 1,420 oz of gold in May 2019
VANCOUVER, June 27, 2019 - Inca One Gold Corp. (TSXV: IO) (Frankfurt: SU9.F) (SSEV: IOCL) ("Inca One" or the "Company") announces consolidated gold production and deliveries for May 2019 from its Chala One Plant ("Chala One") and Koricancha Plant ("Kori One"). All comparative year over year ("YOY") production numbers relate only to Chala One in 2018. Consolidated production in 2019 is on a 100% basis and includes Kori One from August 21, 2018.
Inca One is pleased to report that deliveries for May 2019 increased 52% YOY with 3,491 tonnes of gold bearing material delivered to both the Chala One and the Kori One plants. The extended rainy season has delayed some deliveries.
Throughput in May reached 2,912 tonnes, as compared to 3,099 tonnes in May 2018, a decrease of 6% YOY. The decline in throughput is due to the lag time between receiving and processing the ore near the end of the month. Accordingly, we expect throughput to catch up with deliveries in the coming months.
The Company's gold production decreased 7% YOY this past May 2019 producing 1,420 ounces of gold, as compared to 1,531 ounces in May 2018. Gold production this past month declined in line with the decline in throughput.
| Operations | |||
| Year over Year | May 2019 | May 2018 | YOY Variance |
| Deliveries: | 3,491 tonnes | 2,300 tonnes | 52% |
| Throughput: | 2,912 tonnes | 3,099 tonnes | -6% |
| Tonnes Per Day (tpd) | 94 tpd | 100 tpd | -6% |
| Gold Produced: | 1,420 ounces | 1,531 ounces | -7% |
Edward Kelly, President, and CEO commented, "Our production has been lower than expected over the prior few months, due to delayed deliveries as a result of the extended rainy season which has now ended. As a result, we are already seeing improved deliveries from our mining partners and expect production to increase over the remainder of the year. The Company is well capitalized and we have excess capacity to make up from lost production from these recent months."
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 100%-owned Chala One and 90%-owned 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.
SOURCE Inca One Gold Corp.
Contact
Konstantine Tsakumis, Inca One Gold Corp., ktsakumis@incaone.com, 604-568-4877
