VANCOUVER, British Columbia, Oct. 19, 2023 (GLOBE NEWSWIRE) — Ero Copper Corp. (TSX: ERO, NYSE: ERO) (the “Company”) is pleased to provide an update on the Company’s progress. Tucumã Project (the “Project”).
Since on-site paints began in 2022, all engineering, procurement, and structure activities for the assignment remain on schedule for first copper concentrate production in the second half of 2024. Total direct capital expenditures for the allocation remain in line with existing guidance of approximately $305 million. Highlights of the assignment progression include:
Commenting on the progress, David Strang, President and Chief Executive Officer, said: “First of all, I would like to congratulate the approximately 1,750 people present at the site for the remarkable progress made to date and, more importantly, for their determination to achieve around two million hours of painting without wasting time. With more than 70% of physical paintings completed, critical infrastructure elements in place or nearing completion, and primary apparatus installations progressing as planned, we are confident that a primary transfer tipping point has been red.
“As we continue to meet our structural milestones, we turn our on-site attention to piping, electrical and instrumentation installation – an exciting time for any project. Our goal is to execute the first phase of the commissioning program before completion. of the year. Ensure a successful breakthrough and finishing touch of advertising production in the current part of 2024. “
Figure 1: Progress of pre-stripping with the first sulphide ore scheduled for November 2023.
Figure 2: Installation of the ball mill for the project.
Figure 3: Flotation cells and tailings thickener base.
Figure 4: Installation of the primary crusher.
Figure 5: Finished water tank.
Figure 6: Electrical substation ready for final connection to the national grid.
Figure 7: Project delivery area for pre-assembly and storage.
ABOUT ERO COPPER CORP
Ero is a low-carbon, high-margin, high-margin copper manufacturer operating in Brazil and headquartered in Vancouver, British Columbia. The Company’s main asset is a 99. 6% stake in the Brazilian copper mining company, Mineração Caraíba S. A. (“MCSA”), which owns one hundred percent of the Company’s operations in Caraíba (previously known as the MCSA Mining Complex), which are located in the Curaçá Valley. Array State of Bahia, Brazil and comes with the Pilar and Vermelhos underground mines and the Surubim open pit mine, as well as the Tucumã allocation (previously known as Boa Esperança), an IOCG copper allocation recently under construction in the State of Pará, Brazil. The Company also owns 97. 6% of NX Gold S. A. (“NX Gold”), owner of the Xavantina operations (formerly known as NX Gold Mine), which consists of an operating gold and silver mine located in Mato Grosso, Brazil. Additional data about the Company and its operations, including technical reports on the Caraíba operations, the Xavantina operations and the Tucumã assignment, can be found on the Company’s online page (www. erocopper. com), on SEDAR ( wwwArraysedar. com) and on EDGAR (www. sec. gov). The Company’s shares are traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol “ERO. “
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS
This press release is “forward-looking statements” within the meaning of the U. S. Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking statements come with statements that use forward-looking terminology such as “possibly,” “could,” “could,” “will,” “should,” “intends,” “targets,” “plans,” “expects. “”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “point of view” or the negative or grammatical variation of that – this or other diversifications thereof or comparable terminology. Forward-looking statements could include, but are not limited to, statements relating to the procurement of the first sulphide ore and the expected timing of the first sulphide ore, the installation of primary equipment, the addition of power line connection to the national grid, start-up and first concentration production; the estimated allocation capital to be spent; and any other statements that may predict, forecast, signify, or signify plans, intentions, degrees of activity, results, functionality, or achievements.
Forward-looking statements are not promises of long-term performance. There can be no assurance that forward-looking statements will prove to be accurate, as actual effects and long-term occasions may also differ materially from those expected in such statements. Forward-looking statements involve long-term statements and are inherently uncertain, and the Company’s long-term effects, achievements or other actual occasions or situations would possibly differ materially from those reflected in the forward-looking statements as a result of risks, uncertainties and other factors, including, but not limited to, those referred to herein and in the Annual Information Form under the heading “Risk Factors. “
The Company’s forward-looking statements are based on assumptions, beliefs, expectations and controls reviews as of the date the statements are made, many of which would likely be difficult to expect and beyond the Company’s control. In connection with the forward-looking statements contained in this press release and the Annual Information Form, the Company has made confident assumptions regarding, among other things: the continued effectiveness of measures taken by the Company to mitigate the conceivable impact in COVID-19 in their activity. hard work and operations; favorable equity and debt markets; the ability to raise any additional required capital on moderate terms to advance the production, progress and exploration of the Company’s properties and assets; long-term securities of copper, gold and other metals; the timing and effects of exploration and drilling programs; the accuracy of any estimates of mineral reserves and mineral resources; the geology of the Caraíba Operations, Xavantina Operations and Tucumã Project being that described in the respective technical report of each property; production costs; the accuracy of budgeted scouting, progression and structure costs and expenditures; the value of other products such as fuel; exchange rates and long-term interest rates; that operating situations are favorable, so that the Company can operate safely, successfully and effectively; The workforce continues to stay fit in the face of epidemics, pandemics or other health hazards (including COVID-19), as well as political and regulatory skills; receipt of governmental, regulatory and third-party approvals, licenses and leases on favorable terms; download required renewals for existing approvals, licenses and permits on favorable terms; needs under applicable laws; sustainable painting skills; ability of money and capital goods markets; equipment availability; positive relationships with local teams and the Company’s ability to meet its obligations under its agreements with those teams; and satisfy the terms and conditions of the Company’s existing loan agreements. Although the Company believes that the assumptions inherent in the forward-looking statements are conservative as of the date of this press release, such assumptions are subject to business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and risks. significant. others. points that may also cause actual actions, occasions, situations, effects, functionality or achievements to be materially different from those projected in the forward-looking statements. The Company cautions that the above list of assumptions is not exhaustive. Other occasions or instances may also cause actual effects to differ materially from those estimated or projected and expressed or implied by the forward-looking statements contained in this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual effects and long-term events may also differ materially from those anticipated in such statements. Therefore, readers are advised not to place undue reliance on forward-looking statements.
Forward-looking statements contained in this press release are made as of the date of this press release and the Company assumes no legal responsibility to update or revise any forward-looking statements, whether as a result of new information, events or long-term effects. or otherwise, as and to the extent required by applicable securities laws.
CAUTIONARY NOTES ON MINERAL RESOURCE AND RESERVE ESTIMATES
Unless otherwise indicated, all reserve and resource estimates included in this press release and documents incorporated by reference herein have been prepared in accordance with National Instrument 43-101 regarding Disclosure Standards for Mineral Projects (“NI 43-101”) and ICM Standards for Defining Mineral Resources and Mineral Reserves, followed by the ICM Council, as amended (the “ICM Standards”). National Instrument 43-101 is a rule developed through the Canadian Securities Administrators that establishes criteria for any public disclosure by an issuer of clinical and technical data related to mining projects. Canadian criteria, including National Instrument 43-101, particularly differ from the requirements of the United States Securities and Exchange Commission (the “SEC”). The matrix and reserves and resources data included in this document may not be comparable to similar data disclosed through US companies. In particular, and without restricting the generality of the foregoing, this press release and the documents incorporated by reference herein use the terms “measured resources”, “indicated resources” and “inferred resources” as explained in accordance with the Instrument National 43-101 and the CIM. criteria.
As a result of recent amendments, the disclosure needs for U. S. mineral households have been reduced to a new level. The U. S. Rules (the “U. S. Rules”) are governed by Subpart 1300 of the U. S. Regulations. U. S. S-K. The Securities Act of 1933, as amended (the “U. S. Securities Act”). As a legal foreign personal issuer to file reports with the SEC pursuant to the Multi-Jurisdictional Disclosure System (the “MJDS”), Ero is required to provide data about its mining homes under U. S. regulations. It will continue to provide data. under NI 43-101 and CIM standards. If Ero ceases to be a foreign personal issuer or loses its eligibility to file its Annual Report on Form 40-F under the MJDS, then Ero will be subject to U. S. regulations. These are the requirements of NI 43-101 and CIM.
Under new US regulations, the SEC recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. Additionally, the definitions of “proven mineral reserves” and “probable mineral reserves” under US regulations are now “substantially similar” to the corresponding criteria in NI 43-101. Mineralization described using these terms carries greater uncertainty as to its lifestyle and viability than mineralization that has been characterized as reserves. Accordingly, U. S. investors are cautioned not to assume that the Measured Mineral Resources, Indicated Mineral Resources or Inferred Mineral Resources reported through Ero are or will be economically or legally mineable. Furthermore, “inferred mineral resources” create greater uncertainty about whether they exist and can be extracted legally or economically. Under Canadian securities laws, estimates of “inferred mineral resources” cannot form the basis of feasibility or pre-feasibility studies, in rare cases. Although the above terms in the US regulations are “substantially similar” to the NI 43-101 criteria and the CIM criteria, there are differences in the definitions in the US regulations and the CIM criteria. Accordingly, there can be no assurance that Ero can claim mineral reserves or mineral resources as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under of Regulation 43-101 would have been the same if Ero had prepared the estimates of reserves or resources according to the criteria followed under American regulations.
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