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Atico Mining announced Q2 result

Mining News - Published on Thu, 02 Aug 2018

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Atico Mining Corporation announced that its operating results for the three months ended June 30, 2018 from its El Roble mine. Production for the quarter totaled 5.22 million pounds of copper and 2,596 ounces of gold in concentrates, an increase of 1% for both copper and gold, respectively, over the same period in 2017.

Mr Fernando E Ganoza, CEO said that "We are very pleased to report another strong operating quarter while maintaining steady state production levels as we continue to reach our 2018 operational objectives." Mr Ganoza added that "With another strong production quarter achieved, the Company will continue its aggressive exploration drilling plan at the El Roble property for the remainder of the year."

Second Quarter Operational Highlights

1. Production of 5.22 million pounds of copper contained in concentrates; an increase of 1% over Q2 2017.
2. Production of 2,596 ounces of gold contained in concentrates; an increase of 1% over Q2 2017.
3. Average processed tonnes per day of 792, no significant change over Q2 2017.
4. Copper head grade of 3.76%, a decrease of 5% over Q2 2017.
5. Gold head grade of 2.02 grams per tonne; a decrease of 2% over Q2 2017.
6. Copper and gold recovery of 93.7% and 59.5%; no significant change for copper and a decrease of 4% for gold over Q2 2017.

Second Quarter Operational Review
Processed ore was in line with Company budget for the second quarter. The increase in higher copper and gold output for the quarter relative to Q2 2017 is mostly explained by a 7% increase in processed ore. Copper and gold recoveries 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 also trying to increase the gold recovery.

During the quarter the Company delivered two large concentrate shipments, this will have a positive impact on this quarter's financial results.

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

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Posted By : Rabi Wangkhem on Thu, 02 Aug 2018
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