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VANCOUVER, British Columbia, 14 July 2020 (GLOBE NEWSWIRE) – Penthouse Mining Corporation (the “Company” or “Attic”) (TSX. V: ATY OTC: ATCMF) announces its operational effects for the 3 months ended June 30, 2020 of its El Roble mine. Production in the quarter amounted to 4.95 million pounds of copper and 2733 ounces of gold in concentrates, a 57% increase for copper and a 29% increase for gold for the same time in 2019.
“We are pleased to announce the effects of production in line with our 2020 targets, while the mine has continued to operate under strict prevention protocols and fitness policies. To date, we have shown cases of COVID-19 at the mine site,” Fernando E said. Ganoza, CEO. “We continue to place great emphasis on the fitness and protection of all our workers as we focus on achieving our production goals by 2020.”
Second Quarter Operational Highlights
Production of 4.95 million pounds of copper contained in concentrates; 57% higher than in the second quarter of 2019.
Production of 2,733 ounces of gold contained in concentrates; 29% higher than in the second quarter of 2019.
Average processed tons consistent with day 903, an increase of 8% during the second quarter of 2019.
Copper content of 3.38%, an increase of 3% through the second quarter of 2019.
Gold content of 2.02 grams in line with ton; 13% less than in the second quarter of 2019.
Copper and gold recovery of 92.7% and 58.6%; a 1% increase for copper and no significant replacement for gold at the time of the 2019 quarter.
Second Quarter Operational Review
Overall production was in line with the company’s budget for the time of the quarter. The accumulation in the maximum production parameters for the quarter was due to the mine being operating throughout the quarter compared to the second quarter of 2019, where the operation was halted by the 2019 miners’ strike. The operation is still on track to meet the targets set for the rest of the year.
The Company continues to vigorously monitor progress around the COVID-19 pandemic and continues with strict preventive measures at the El Roble mine site, La Plata project, as well as in our corporate offices to protect the fitness of its employees, while proceeding to operate effectively. . and responsibly in their communities.
Second Quarter Operating Details
Second quarter total 2020
Second Quarter 2019 total
% Change
Production (contained in concentrates)
Copper (thousands of pounds)
4 952
3 157
57%
Gold (ounces)
2 733
2 116
29%
Mine
Tons of ore extracted
76 825
47 321
62%
Mill
Processed tons
71 804
47 534
51%
Tons processed by day
903
839
8%
Copper (%)
3,38
3,28
3%
Gold (g/t)
2,02
2,34
-13
Recoveries
Copper (%)
92,7
91,7
1%
Gold (%)
58,6
58,4
Nothing
Concentrated
Copper and gold concentrates (dmt)
10 828
6 561
sixty-five%
Copper payable (thousands of pounds)
4 704
2 999
57%
Note: Metal production figures are subject to change in the final regulation.
Concentrate inventory
The number of shipments that the company can export in a given quarter depends on several variables, some of which are not controlled by the company, so there would possibly be inherent variability in tons shipped from one quarter to another.
Second quarter total 2020
Quantities in dry metric tons
Inventory overture
4 435
Production
10 828
Sales
1001
Number of shipments
1
Closed inventory
5 262
Note: Concentrated figures are subject to change in final regulation.
El Oak Mine
The El Roble mine is a graduated high-grade copper and gold underground mine with a nominal processing plant capacity of 1,000 tons per day at the Chocó, Colombia branch. Your product is a copper and gold concentrate.
Since the mine was obtained on 22 November 2013, Atico has made progress in achieving a historical nominal capacity of 400 tonnes consistent with the day.
El Roble has shown probable reserves of 1.47 million tons and securing 3.40% copper and 1.88 g/t gold, with a cutting rate of 1.93% copper as of June 30, 2018. Mineralization is open in intensity and direction. corporate plans to further verify deposit limits.
In the largest terrain, the Company has known a prospective stratigraphic touch between volcanic rocks and black and grey and flint pelagic sediments that has been traced through the geologists of Attic along ten kilometers. This touch was known as a vital mineralization on VMS in which Atico has known many prospective target spaces for the occurrence of VMS-type mineralization, which is at the center of the surface drilling program existing in El Roble.
Qualified person
Thomas Kelly (registered member EMS 1696580), an advisor to the company and a qualified user through the National Instrument 43-101 standards, is guilty of ensuring that the technical data contained in this press release is an accurate summary of the original. reports and data. provided or developed through Attic.
About Atico Mining Corporation
Atico is a growth oriented company oriented to the exploration, progression and operation of copper and gold allocations in Latin America. The Company generates significant money through the operation of the El Roble mine and develops its high-act VMS allocation of La Plata in Ecuador. The Company is also looking for new opportunities in advanced stages. For more information, visit www.aticomining.com.
ON BEHALF OF THE COUNCIL
Fernando E. GanozaCEOAtico Mining Corporation
Trading symbols: TSX. V: ATY OTC: ATCMF
Investor Relations Igor Dutina Tel: ‘1,604,633,9022
Neither TSX Venture Exchange nor its regulatory service provider (as explained in TSX Venture Exchange policies) assumes the duty of the relevance or accuracy of this release.
No securities authority has approved or disapproved of the content of this press release. The securities to be offered have not been registered or registered under the United States Securities Act of 1933, as amended (the United States Securities Act), or state securities laws, and may not be offered or sold in the United States, or on behalf of or to obtain benefits from a “U.S. person” (within the meaning of Regulation S of the U.S. Securities Act) Array under an exemption from it. This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of the Company’s offer to purchase securities in any jurisdiction.
Caution related to forward-looking statements
This announcement comes with secure “forward-looking statements” within the meaning of Canadian securities law. All statements, other than statements of old facts, are included herein, without limitation of the use of net income, are forward-looking statements. Forward-looking statements involve a variety of dangers and insecurities and are based on safe points and assumptions. There can be no guarantee that such statements will prove to be accurate, and actual effects and long-term occasions may differ materially from those expected in those statements. The important points that may cause the actual effects to differ materially from the Company’s expectations come with insecurities in the interpretation of drilling effects and the geology, continuity and content of mineral deposits; Insecurity in operating and investment expense estimates; desire for additional investments to maintain your interest in the Company’s mining projects and/or explore and expand them; Insecurity about the assembly of the planned milestones of the program for the company’s mining projects; the overall economic and social effect of COVID-19 is being controlled and the duration and extent of the coronavirus pandemic is minimized or not in the long term; similar disruptions to the COVID-19 pandemic or other fitness and protection problems, or responses from governments, communities, society and others to such pandemic or other problems; and other hazards and insecurities revealed under the “Risk Factors” segment of the Company’s prospectus dated March 2, 2012 filed with Canadian securities regulators on SEDAR’s online page in www.sedar.com