12:01:08 EDT Fri 30 Sep 2022
Enter Symbol
or Name
USA
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Inca One Gold Corp
Symbol IO
Shares Issued 63,929,674
Close 2014-10-07 C$ 0.15
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Inca enters Chala mill feed deal with Peruvian miner

2014-10-08 08:38 ET - News Release

Mr. Edward Kelly reports

INCA ONE SECURES MILL FEED FOR CHALA ONE GOLD ORE PROCESSING PLANT

Inca One Gold Corp. has signed its first multidelivery letter of agreement (LOA) to purchase mill feed for the Chala One gold ore processing plant.

Highlights

  • LOA signed with permitted mining operator in Peru;
  • Ore feed meets the targets for grade, quality and consistency;
  • 100-tonne-per-day crushing circuit complete and stockpiling has commenced.

The LOA is with a Peruvian government-approved third party mining company where it will provide an initial 350 tonnes per month (tpm) as it continues to ramp its mining operations to 1,000 tpm.

As part of the company's growth strategy, it is its mandate is to secure ore from several sources. This is the first ore agreement secured of many the company is currently working on to provide continuing mill feed of 100 tpd.

Inca One has completed its upgrades to the new 100 tpd crushing circuit allowing the Chala One plant to crush, sample and stockpile ore to be ready for processing upon completion of the plant construction, expected in fourth quarter 2014.

The completed crushing circuit also allows the company to crush and sample potential mill feed quickly, which the company anticipates will help in securing additional ore supply contracts shortly.

Jaime Polar, vice-president of development and operations, Peru, stated: "We are very pleased to have established this relationship with a recognized and proven mining operator in Peru. As licensed miners and ore processors, we both value our transparency, business ethics and working relationship, and intend to build out a significant and mutually profitable business relationship."

Inca One, with plant construction on budget and on schedule, is well capitalized to purchase ore and build an inventory of ready-to-process ore from Peruvian government-approved mining operators that meet the high standards of grade and metallurgical recovery being sought to enhance the mill economics the company is seeking.

We seek Safe Harbor.

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