Mr. Gonzalo de Losada reports
ANTIOQUIA GOLD CISNEROS OPERATIONS UPDATE
Antioquia Gold Inc. has provided a summary of June, 2020, production results for its Cisneros mining operation and has provided details on the progress of other continuing projects.
Production Summary and Operations Update:
During June 1,857 troy ounces of gold were produced at the Cisneros mining operation. An average of 475 tonnes per day were processed with a recovery of gold to concentrate of 96.5% during the month. As shown in the table below, an important increase in gold production has been reached.
JanuaryFebruaryMarch April May June
Mineral Processed Dry Tonnes 14,349 8,936 12,08113,32911,07714,262
Feed Grade g/t Au 2.60 2.27 3.02 3.25 4.19 4.20
Gold Produced Tr. Oz. 1,155 625 1,133 1,349 1,446 1,857
Total Recovery % 96.4% 95.9% 96.5% 96.9% 97.0% 96.5%
Worked days Days 31 29 31 30 31 30
Average ProcessedDry Tonnes/Day 463 308 390 444 357 475
Below are other important announcements associated with the current status of the operation:Plant expansion 1,200 TPD: Pre-commissioning and commissioning begin in mid-July as announced in the last press release. Initial tests for the second ball mill were carried out in June with satisfactory results. Mine preparation status: Several narrow vein stope blocks will be mined with the long hole stoping method beginning in July. These blocks will contribute to increased feed grade in the coming months.Stockpile: 14,970 tonnes grading 3.4 g/t Au is the average gold grade and balance of mineralized material at the end of June in surface stockpiles.
"The 27% growth in gold production in June, added to the coming increase in plant processing capacity, is highly satisfactory and encourages us to continue working towards solid growth of the company. This is a production record for our Company, which we expect to surpass very soon as we continue to ramp up our production and resources," stated Mr. Gonzalo de Losada, president and CEO of Antioquia Gold.
Readers should be cautioned that the Corporation's decision to move forward with the construction and production of the Cisneros Mine is not based on the results of any pre-feasibility study or feasibility study of mineral reserves demonstrating economic or technical viability. Readers are referred to the Cisneros Report for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Corporation has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Corporation's management, the Corporation is of the view that the establishment of mineral reserves, the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Corporation's resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Corporation's decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Corporation's future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.
Roger Moss, Ph.D., P.Geo., Consultant to Antioquia Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this news release.
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