12:35:28 EDT Mon 25 Oct 2021
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or Name
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Inca One Gold Corp (2)
Symbol IO
Shares Issued 59,316,401
Close 2017-01-23 C$ 0.28
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Inca One's Chala One produces 1,330 oz Au in December

2017-01-23 09:43 ET - News Release

Mr. Edward Kelly reports

INCA ONE GOLD CORP.'S FINAL RAMP UP-PHASE ACHIEVES HIGHEST PRODUCTION NUMBERS TO DATE

Inca One Gold Corp. is providing the third and final update on the company's operations from its wholly owned subsidiary, Chala One SAC.

The company's 90-day ramp-up has successfully completed. The company's controlled increase in production since the beginning of this ramp-up approximately 90 days ago concluded at the end of December, 2016, with the company processing at its highest level since the commencement of commercial operations began in February, 2015. The company processed 2,885 tonnes of gold-bearing material as compared with the previous nine-month average of 875 tonnes per month (from Jan. 1 through to Sept. 30, 2016), representing an increase of 230 per cent. When compared with the prior month of November, where Chala One processed 2,217 tonnes of material, the increase represents a 30-per-cent change month over month.

Notably, the daily average throughput in December climbed up to 93 tonnes per day, a significant increase over the previous nine-month average of 29 tonnes per day and a substantial increase over the prior month of November's average throughput of 74 tonnes per day. Despite some quickly resolved maintenance and wear-and-tear issues, which forced a temporary slowdown in production activities in early December, throughput recovered, and Chala One successfully processed 16 days in excess of 100 tonnes per day with daily throughput reaching an all-time high of 130 tonnes per day, achieved on Dec. 31, 2016.

"The Company's ramp-up plan is now successfully complete, and our Chala One plant finished December on a strong note," commented Inca One president and chief executive officer Edward Kelly. "We will turn our focus to achieving healthy positive cash flow from this point forward."

Gold production during December also grew substantially as Chala One produced 1,330 ounces of gold, as compared with the prior nine-month average of 417 ounces per month, an increase of 219 per cent. Compared with the prior month of November, in which month the company produced 1,073 ounces gold, the increase in gold production was 24 per cent month over month.

Mineral supply also peaked with daily deliveries to Chala One through December climbing to the year's highest level as the company sourced and paid for 2,805 tonnes of gold-bearing material. Compared with the prior nine-month average purchases of 1,071 tonnes per month, this represents an increase of 162 per cent and, compared with November, 2016, purchases of 1,970 tonnes of material, represents an increase of 42 per cent month over month.

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.

We seek Safe Harbor.

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