VANCOUVER, June 7, 2017 /CNW/ - INCA ONE GOLD CORP. (TSXV: IO, Frankfurt: SU9.F, SSEV: IOCL) ("Inca One" or the "Company") is pleased to announce that mineral purchases in February, March and April, 2017 increased more than 117% while mineral processing increased 88% compared to the same three month period in 2016.
February, March and April are the height of the rainy season in Peru. Typically flash-floods and landslides temporarily disrupt mining activity, causing transportation delays and a sharp drop in production. Particularly harsh torrential rains in Peru this year made international headlines, damaging the national economy. In light of the state-of-emergency flooding in Peru over the three month period, the Company still achieved an average throughput of 57 tonnes per day ("TPD") an increase of 88% over the same three month period in 2016, while gold production at Inca One's Chala One Plant ("Chala One") reached 2290 oz, an increase of 91% from the comparable February, March and April, 2016 period.
"Despite the unusual weather challenges, mineral buying and production increased early in 2017," confirmed Inca One President and CEO, Edward Kelly. "In fact we reached all-time company highs for these months, compared with rainy seasons in previous years."
The Company expects that mineral supply and gold production for Chala One will accelerate as the rainy season has ended, resulting in higher levels of production for the remaining months of 2017.
The Company will no longer be pursuing the Private Placement announced on April 6, 2017.
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.
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.
For further information: Konstantine Tsakumis, Inca One Gold Corp., Email: [email protected], Telephone: 604-568-4877