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Atico Mining announces Q1 2018 result

Mining News - Published on Wed, 02 May 2018

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Atico Mining Corporation announced that 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.

Mr Fernando E Ganoza, CEO said that “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.” Mr Ganoza siad that “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

1. Production of 5.48 million pounds of copper contained in concentrates; an increase of 9% over Q1 2017.
2. Production of 2,825 ounces of gold contained in concentrates; an increase of 11% over Q1 2017.
3. Average processed tonnes per day of 812, no significant change over Q1 2017.
4. Copper head grade of 3.80%, a decrease of 2% over Q1 2017.
5. Gold head grade of 2.03 grams per tonne; an increase of 6% over Q1 2017.
6. 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
Production (Contained in Concentrates)
Copper (000s pounds)547650469%
Gold (ounces)2825255011%
Tonnes of ore mined67022634686%
Tonnes processed694996288511%
Tonnes processed per day812810Nil%
Copper grade (%)3.83.89-2%
Gold grade (g/t)2.031.926%
Copper (%)9493.51%
Gold (%)62.865.8-5%
Copper and Gold Concentrates (dmt)11474105669%

Payable copper produced (000s lbs)520247909%


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:

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

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Posted By : Rabi Wangkhem on Wed, 02 May 2018
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