VANCOUVER, June 12, 2018 /CNW/ - INCA ONE GOLD CORP. (TSXV: IO) (Frankfurt: SU9.F) (SSEV: IOCL) ("Inca One" or the "Company") is pleased to announce that throughput at its wholly owned Chala One Plant ("Chala One") surpassed its targeted production rate for the entire month of May 2018. Throughput in May averaged 110 tonnes per day ("TPD"), an increase of 114% year-over-year.
With all process upgrades and capital improvements completed and online, Chala One production is now setup to average 100 TPD of capacity on an on-going basis. The month of May marks the first time that Chala One ran above its targeted production for an entire month and had three days where production exceeded 130 tonnes for the day.
Material processed in May 2018 was an all-time Company record as it climbed to 3,406 tonnes, more than double compared to 1,591 tonnes in May 2017, an increase of 34% from the previous month of April 2018.
Gold produced this past May reached 1,531 ounces as compared to 765 ounces in May 2017, also an increase of 100% year-over-year, an increase of 25% on a month-over-month basis.
Inca One's supply of gold-bearing material for processing continued to increase as mineral received in May 2018 was 2,300 tonnes, representing an increase of 17% on a year-over-year basis. Material stockpiled for processing at Chala One is currently sitting at approximately 1200 tonnes.
Inca One President and CEO, Edward Kelly stated, "We are extremely pleased with our record production numbers this month. As previously indicated, the completion of necessary capital improvements along with a replenished ore buying account has given our team the tools it needed to drive production to record levels this past month. Most importantly, we are now on track to meet our quarterly production target of 100TPD."
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 milling facility located in Chala, Southern Peru.
On behalf of the Board,
President and CEO
INCA ONE GOLD CORP.
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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.
For further information: Konstantine Tsakumis, Inca One Gold Corp., Email: [email protected], Telephone: 604-568-4877