00:15:08 EDT Tue 16 Jul 2024
Enter Symbol
or Name

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Kuya Silver Corp
Symbol KUYA
Shares Issued 92,922,899
Close 2024-01-05 C$ 0.24
Market Cap C$ 22,301,496
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Kuya Silver begins development at Bethania project

2024-01-08 11:54 ET - News Release

Mr. David Stein reports


Kuya Silver Corp. has begun development of the past-producing Bethania silver mine project in Peru, in preparation to commence production later this year. Kuya Silver is pleased to provide this update on current activities and plans to provide further details in the coming months.

Commencing underground development

Kuya Silver's Peruvian subsidiary, Minera Toro de Plata (MTP), has commenced an underground development and reconditioning program as an initial step to resume operations at the Bethania silver mine. Initially, the program will involve inspecting, reinforcing, updating and improving underground support in several areas required to access future production areas and other critical-path underground infrastructure. The sequence of underground development is expected to follow the plan disclosed in Kuya Silver's preliminary economic assessment report dated Oct. 20, 2023, and additional details regarding the development program were provided in Kuya Silver's news release dated Oct. 10, 2023.

Christian Aramayo, Kuya Silver's chief operating officer, noted: "After making significant progress in the second half of 2023, we are very excited to be launching our mine development program. We see this as an important step, not only to achieve first silver production later this year, but for the longer-term growth of the Bethania district."

Annual mine plan includes scope for underground drilling

Prior to the end of 2023, MTP completed a mining plan for 2024 and submitted the required documentation to the General Mining Directorate. The plan establishes that mining operations will commence with the reconditioning of existing underground mine workings, and progressively increasing the mining production rate over the year. Although the mine is currently permitted to produce up to 350 tonnes per day, the company expects the ramp-up period to extend into next year. The mining plan was designed to include underground exploration drilling in the Santa Elena mining concession. MTP also submitted documentation for its annual occupational safety and health program for the 2024 period to OSINERGMIN (the Peruvian regulatory body for the energy and mining sectors).

Kuya Silver augments Peruvian team

MTP is pleased to announce the appointment of Juan Espinosa as general manager for MTP and finance manager for Peru. Mr. Espinosa has been awarded a bachelor degree in economics from Universidad de Lima and a master of business administration from the Maastricht School of Management (Netherlands). Mr. Espinosa's career has included extensive involvement in the mining industry, including other international publicly traded companies with operations in Peru. In addition, Kuya Silver is pleased to promote Alejandra Guillen to senior analyst, procurement and logistics. Ms. Guillen is an industrial and systems engineer with experience in operations and logistics, and has been working with Kuya Silver in Peru since December, 2021, and will play a key role in the restart of operations.

About Kuya Silver Corp.

Kuya Silver is a Canadian-based mineral exploration and development company with a focus on acquiring, exploring and advancing precious metals assets in Peru and Canada.

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