Nasdaq GlobeNewswire

Atico Produces 5.48 Million Pounds of Cu and 2,825 Ounces of Au in First Quarter 2018

Del

VANCOUVER, British Columbia, April 26, 2018 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the "Company" or "Atico") (TSX-V:ATY) (OTC:ATCMF) announces its operating results for the three months ended March 31, 2018 from its El Roble mine. Production for the quarter totaled 5.48 million pounds of copper and 2,825 ounces of gold in concentrates, an increase of 9% and 11% for copper and gold, respectively, over the same period in 2017.

"We are very pleased to report our strongest operating quarter to date while maintaining steady state production levels and a robust start towards our 2018 operational objectives" said Fernando E. Ganoza, CEO. "For the remainder of the year, the Company will continue focusing on the regional and mine vicinity exploration programs with rigs currently drilling on surface and underground."

First Quarter Operational Highlights

  • Production of 5.48 million pounds of copper contained in concentrates; an increase of 9% over Q1 2017.
  • Production of 2,825 ounces of gold contained in concentrates; an increase of 11% over Q1 2017.
  • Average processed tonnes per day of 812, no significant change over Q1 2017.
  • Copper head grade of 3.80%, a decrease of 2% over Q1 2017.
  • Gold head grade of 2.03 grams per tonne; an increase of 6% over Q1 2017.
  • Copper and gold recovery of 94.0% and 62.8%; no significant change for copper and a decrease of 5% for gold over Q1 2017.

First Quarter Operational Review

Processed ore was ahead of Company budget for the first quarter. The increase in higher copper and gold output for the quarter relative to Q1 2017 is mostly explained by an 11% increase in processed ore. Copper recoveries maintained their highs and slightly improved when compared to the same period last year, while gold recoveries during the quarter were in line with Company projections. Gold recovery decrease is due to an increase in the copper content in the concentrate, this increase in the copper content in the concentrate provides a net economic benefit offsetting the decrease in gold recovery. The Company will continue to explore improving the copper content in the concentrate in the following quarters while increasing the gold recovery. 

During the quarter the Company delivered only one concentrate shipment due to lack of vessel availability, this resulted in a significantly higher than usual concentrate ending inventory going into the second quarter.

The operation remains on track to deliver on set guidance throughout the remainder of the year.

First Quarter Operational Details

  Q1 2018 Total   Q1 2017 Total   % Change  
Production (Contained in Concentrates)          
Copper (000s pounds) 5,476   5,046   9 %
Gold (ounces) 2,825   2,550   11 %
Mine          
Tonnes of ore mined 67,022   63,468   6 %
Mill          
Tonnes processed 69,499   62,885   11 %
Tonnes processed per day 812   810   Nil %
Copper grade (%) 3.80   3.89   -2 %
Gold grade (g/t) 2.03   1.92   6 %
Recoveries          
Copper (%) 94.0   93.5   1 %
Gold (%) 62.8   65.8   -5 %
Concentrates          
Copper and Gold Concentrates (dmt) 11,474   10,566   9 %
           
Payable copper produced (000s lbs) 5,202   4,790   9 %

Note: Metal production figures are subject to adjustments based on final settlement.

2018 Operational Guidance

The Company is basing 2018 guidance on year ended December 31, 2017 financial and production results. Please refer to Cautionary Note on Forward Looking Statements at the end of this document.

The Company set the following objectives for 2018 at the El Roble mine:

  • Process between 270,000 and 275,000 tonnes, an increase of 5% to 7.5% over 2017.
  • Maintain copper recovery above 93% and 62% for gold.
  • Maintain an average copper head grade between 3.5% and 3.7%
  • Maintain an average gold head grade between 1.8 g/t and 2.0 g/t
  • Increase production between 40,000 and 42,000 dry tonnes of concentrate.
  • Maintain production between 9,000 and 9,400 tonnes of copper.
  • Maintain production between 9,700 and 10,000 ounces of gold.
  • Increase the mill mechanical availability to 95% and reach 330 days worked.
  • Continue increasing the safety and environmental standards.

El Roble Mine

The El Roble mine is a high grade, underground copper and gold mine with nominal processing plant capacity of 800 tonnes per day, located in the Department of Choco in Colombia. Its commercial product is a copper-gold concentrate.

Since obtaining control of the mine on November 22, 2013, Atico has upgraded the operation from a historical nominal capacity of 400 tonnes per day.

El Roble has a measured and indicated resource of 1.87 million tonnes grading 3.46% copper and 2.27 g/t gold, at a cut-off grade of 0.93% copper equivalent. Mineralization is open at depth and along strike and the Company plans to further test the limits of the resource.

On the larger land package, the Company has identified a prospective stratigraphic contact between volcanic rocks and black and grey pelagic sediments and cherts that has been traced by Atico geologists for ten kilometers. This contact has been determined to be an important control on VMS mineralization on which Atico has identified numerous target areas prospective for VMS type mineralization occurrence, which is the focus of the current surface drill program at El Roble.

Qualified Person

Mr. Thomas Kelly (SME Registered Member 1696580), advisor to the Company and a qualified person under National Instrument 43-101 standards, is responsible for ensuring that the technical information contained in this news release is an accurate summary of the original reports and data provided to or developed by Atico.

About Atico Mining Corporation

Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company operates the El Roble mine and is pursuing additional acquisition opportunities. For more information, please visit www.aticomining.com. 

ON BEHALF OF THE BOARD

Fernando E. Ganoza
CEO
Atico Mining Corporation

Trading symbols: TSX.V: ATY | OTC: ATCMF

Investor Relations
Igor Dutina
Tel: +1.604.633.9022

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 release.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ''U.S. Securities Act''), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

Cautionary Note Regarding Forward Looking Statements

This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company's mineral projects; uncertainty of meeting anticipated program milestones for the Company's mineral projects; and other risks and uncertainties disclosed under the heading "Risk Factors" in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at  www.sedar.com

The Company has not based its production decisions and ongoing mine production on mineral reserve estimates, preliminary economic assessments or feasibility studies, and historically such projects have increased uncertainty and risk of failure. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Non-GAAP Financial Measures

The items marked with a "(1)" are alternative performance measures and readers should refer to Non-GAAP Financial Measures in the Company's Management's Discussion and Analysis for the nine months ended September 30, 2016 as filed on SEDAR and as available on the Company's website for further details.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Atico Mining Corporation via Globenewswire

Om Nasdaq GlobeNewswire

Nasdaq GlobeNewswire
Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

+1 212 401 8700http://www.nasdaqomx.com

NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.

Følg saker fra Nasdaq GlobeNewswire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Nasdaq GlobeNewswire

UPDATE - Euro Manganese Inc. Closes Plant Site Option Agreement and Provides Operational Update18.10.2018 04:01Pressemelding

VANCOUVER, British Columbia, Oct. 17, 2018 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V/ASX: EMN) (“EMN” or the "Company") announced today that it has waived the conditions precedent to the closing of an Option Agreement to acquire EP Chvaletice s.r.o. (“EPCS”), a Czech operating company whose principal asset is a large parcel of industrial zoned land adjacent to the Chvaletice Manganese Project, where EMN proposes to develop its high-purity manganese processing facility. In addition, EMN is pleased to provide an operational update for its Chvaletice Manganese Project. Due Diligence Completed and First Payment made on EPCS Option Agreement Following the satisfactory completion of an environmental, financial and legal due diligence review, the Company reports that it has made the first instalment of 14 million Czech Korunas (approx. CAD$815,000) related to an option agreement dated August 13, 2018 giving it the right to acquire a 100% interest in EPCS (the “Option Agreement”). EPCS is

Euro Manganese Inc. Closes Plant Site Option Agreement and Provides Operational Update17.10.2018 22:58Pressemelding

VANCOUVER, British Columbia, Oct. 17, 2018 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V/ASX: EMN) (“EMN” or the "Company") announced today that it has waived the conditions precedent to the closing of an Option Agreement to acquire EP Chvaletice s.r.o. (“EPCS”), a Czech operating company whose principal asset is a large parcel of industrial zoned land adjacent to the Chvaletice Manganese Project, where EMN proposes to develop its high-purity manganese processing facility. In addition, EMN is pleased to provide an operational update for its Chvaletice Manganese Project. Due Diligence Completed and First Payment made on EPCS Option Agreement Following the satisfactory completion of an environmental, financial and legal due diligence review, the Company reports that it has made the first instalment of 14 million Czech Korunas (approx. CAD$815,000) related to an option agreement dated August 13, 2018 giving it the right to acquire a 100% interest in EPCS (the “Option Agreement”). EPCS is

Constellation Brands Names Bill Newlands Next CEO17.10.2018 22:55Pressemelding

Newlands to Succeed Rob Sands Effective March 1, 2019; Sands to Become Executive Chair VICTOR, N.Y., Oct. 17, 2018 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company, today announced Bill Newlands will assume the role of president and chief executive officer (CEO), succeeding current CEO Rob Sands, on March 1, 2019. Also effective March 1, 2019, Rob Sands will assume the role of executive chair. Richard Sands, who is currently serving in the role of executive chair, will assume the role of executive vice chair on March 1, 2019. “Since joining Constellation Brands in 2015, Bill has made a significant impact on our company, finding ways to leverage our unique capabilities as a leading total beverage alcohol provider to meet consumers’ evolving needs and accelerate growth,” said Constellation Brands’ CEO Rob Sands. “Bill understands what it takes to succeed in this rapidly evolving market and he’s the right person to lead our company g

Elite Capital & Gas broadens financial services and signs a deal with Tabarak Investment Capital Limited17.10.2018 16:30Pressemelding

DUBAI, United Arab Emirates, Oct. 17, 2018 (GLOBE NEWSWIRE) -- Today the President of Elite Petro & Gas, Mr. George Matharu and the President of Tabarak Investment Capital Limited (Investment Bank), Dr. Mohamed Ahmadi announced a deal in which the two companies will use their combined resources to execute physical commodity trades, and provide banking and finance facilities for oil and gas transactions. The alliance between the two entities will also allow compliance related activities to be carried out from two major international hubs of London and Dubai. This increases the international presence of both companies. Additionally, Elite Petro & Gas (“EPG”) has recently formed relationships with the owners of a number of high profile European, South American and Chinese projects, which EPG and Tabarak can work on together. Tabarak Investment Capital Limited is a regulated investment bank by Dubai Financial Services Authority and incorporated in the Dubai International Financial Centre.

MASH ANNOUNCES EUR 50M EQUITY ROUND AND LAUNCH OF EUROPE'S FIRST STO17.10.2018 15:14Pressemelding

Mash Group, a ten year old digital lender and pay later solution provider, announced a EUR 50M equity round and the launch of a Security Token Offering (STO) Helsinki, 17th October: Mash Group Plc, a Finnish FinTech company specializing in consumer lending and pay later solutions, today announced that pre-registration has begun for a Securitized Token Offering (STO). Mash is partnering with DLA Piper, Trust and Tokeny to offer professional investors the means to participate in the current equity round using both crypto and fiat currency. Deloitte has been selected to provide AML and KYC services. The whitelisting process will begin in October with the round closing in December 2018. The STO is part of Mash’s broader EUR 50 million equity round. Security tokens are not the same as utility tokens, as have been issued in a number of recent initial coin offerings (ICOs). The Mash security tokens are backed by assets and token holders would have voting rights and dividend rights of the comp

Meizu officially launches its Overseas smartphone17.10.2018 15:13Pressemelding

Jakarta, Indonesia, Oct. 17, 2018 (GLOBE NEWSWIRE) -- Meizu officially launches its Overseas smartphone, produced in and to be sold in the Indonesian market, the C9, as well as 4 other fantastic products, including the Flagship Meizu 16th, the upgraded M6T, POP true wireless earphones and EP52 Lite. A photo accompanying this announcement is available at https://i.imgur.com/C4LvxTd.png ( Jakarta, Indonesia October 15th, 2018) -- Meizu is releasing 5 exciting products, including 3 smartphone models, its iconic flagship 16th, M6T, C9, POP and EP52 Lite earphones). Meizu’s product launch event is set for the 15th October 2018 at the Pullman hotel in Jakarta Indonesia, with a great line-up of speakers, including Meizu’s Co-Founder and Overseas President Mr Guo, and overseas Head of Marketing and packed with over 150 of Indonesia’s top media, bloggers and fans, it’s set to be a fantastic event all round. Meizu is releasing five great products and introducing 2 years’ warranty on their smartp

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom