VANCOUVER, Aug. 16, 2018 /CNW/ - INCA ONE GOLD CORP. (TSXV: IO) (Frankfurt: SU9.F) (SSEV: IOCL) ("Inca One" or the "Company") announces gold production in July 2018 reached approximately 1,291 ounces as compared to 844 ounces in July 2017, an increase of 53% year-over-year ("YOY").
Material processed in July 2018 also increased on a YOY basis as processing in July reached 2,989 tonnes, an increase of 53% YOY, but slightly off last month's record numbers of 3,167 tonnes, a decrease of 6%, on a month-over-month basis, averaging 96 tonnes per day ("TPD").
The Company's supply of gold-bearing material for processing hit a new watermark as mineral received in July 2018 was 3,950 tonnes, representing an increase of 86% on a YOY basis, and an increase of 38% from the prior month June 2018, (2,871 tonnes).
"We continue to see operations at Chala One maintaining 96% to 100% of its permitted capacity during the past several months. Though our grade was below previous averages, it is encouraging to see positive year-over-year results as our team efficiently executes our goal," said Edward Kelly, President and CEO of Inca One. "It is also pleasing to see a significant bump up in deliveries, reaffirming our well-known belief of ample supply of quality material for processing. Looking forward, our goal is to maintain our current output which will allow us to hit our production targets again for this quarter, while seeking higher grade material. Additionally, we will work to close the Koricancha transaction, bringing it online to achieve the synergies and operating efficiencies that will fuel growth as we scale the business in the second half of this calendar year."
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 at 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