VANCOUVER, Oct. 17, 2016 /PRNewswire/ - INCA ONE GOLD CORP. (TSX.V: IO) ("Inca One" or the "Company") is pleased to provide the following update on operations from its wholly owned subsidiary Chala One SAC ("Chala One").
Inca One has begun operating a newly completed, in-house smelter facility at its Chala One mill site -- successfully pouring and exporting in excess of 16 kilograms of gold since September 13, 2016. With this recent production enhancement, Inca One has completed the vertical integration of another key process at Chala One. Every step in the processing stage from weighing and testing raw material through to the final steps of smelting and pouring gold dore (prior to exporting to our Swiss refining partners) is now controlled solely at Chala One.
Inca One has recently completed a restructuring including a share consolidation, financing of $6.3 million, and conversion of approximately $10 million of debt into equity. The Company is now financed and only has 57.3 million shares outstanding. The financing has provided the Company with the working capital required to ramp up material purchasing and production activities. Stockpiles are accumulating and the average daily processing has continued to climb strategically as per management's ramp up expectations. All circuits are performing as projected and it is anticipated that throughput will reach fully permitted production levels within our projected timelines over the coming months.
"I am extremely pleased with ramp up activity and increasing throughput at Chala One," said President and CEO Edward Kelly, further noting that, "Looking forward, we will continue to focus on increasing production, and sourcing mineral purchases with profitable deal terms and favourable recovery."
About Inca One
Inca One is a Canadian-based mineral processing company with a gold milling facility in Peru, servicing government-permitted, small-scale miners. As part of the terms of the original purchase agreement for the Chala, Peru processing facility, Inca One has an agreement between its wholly owned subsidiary, Chala One SAC, and the seller and initial permit applicant, to operate under the umbrella of formalization until the successful completion of all the environmental and operating permits. Peru, a highly mineral-rich country, is one of the world's top producers of gold, silver, copper and zinc, with substantial production coming from small scale miners who need government permitted milling facilities to process their mineral (such as the Company's Chala Plant).
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 the Company has limited operating experience with its Chala plant and 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.