VANCOUVER , March 6, 2018 /CNW/ - INCA ONE GOLD CORP. (TSXV: IO, Frankfurt : SU9.F, SSEV: IOCL) ("Inca One" or the "Company") is pleased to announce that production in February reached 2,018 tonnes of material or 72 tonnes per day ("TPD") up from 1,522 tonnes or 49 TPD processed in 2017, an increase of 33% on a year-over-year ("YOY") basis.
Additionally, gold exports in February 2018 reached just over 910 ounces, an all-time production high for the month of February. When compared to 2017 production of 624 ounces of gold, this represents an increase of 46% YOY. When compared to the prior month of January 2018 , gold production increased 10%.
Inca One's supply of gold bearing material for processing increased significantly. Mineral received in February 2018 was 2,066 tonnes, an increase of 20% YOY (1,725 tonnes delivered in February 2017 ), and 78% when compared to the prior month of January 2018 (1,163 tonnes delivered). This was directly related to the additional working capital raised in the Company's private placement that closed in January.
Knowing the importance of continued investment into the Chala Plant and addressing cost savings where possible, the Company commenced implementation of several new capital improvements to maximize crushing and milling effectiveness and further improve gold recoveries and efficiency.
Inca One President and CEO, Edward Kelly stated, "We are extremely pleased to see the immediate impact from our financing produce record numbers in the month of February, a month that has historically been a slower period for our business. The continued growth in all facets of our operations are a favorable outcome. We anticipate steady improvement in our throughput and production in the coming months as we deploy additional working capital towards mineral purchases, keeping Inca One on pace towards company-wide profitability."
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,
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.
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