Inca One Gold Announces 109{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Increase in Year Over Year (YOY) Gold Production, Electrical Update and Changes to Board & Management
Momentum Public Relations
Press Release: August 22, 2017
Inca One Gold Corp.’s (IO : tsxv) gold production in May and June, 2017, reached 1,659 ounces, an increase of 109 per cent year over year and an increase of 9 per cent from February, March and April of 2017.
During the two months, the company achieved an average throughput of 60 tonnes per day, an increase of 109 per cent from the comparable period in 2016, and an increase of 5 per cent from Q4 2017. Over these two months, the company processed approximately 3,681 tonnes of material, compared with 1,747 tonnes year over year (an increase of 111 per cent).
Inca One previously reported (June, 2017, press release) that mining activity in Peru was disrupted this year by unusually harsh weather conditions including flooding. After the floods subsided, roadways reopened and mineral deliveries picked up, allowing the company to realize a substantial increase in supply of gold bearing material for processing. Mineral purchases from May and June of 2017 increased by an average of 124 per cent year over year and 3 per cent over Q4 2017.
“We are pleased with the triple-digit improvements in the three main facets of the business: mineral deliveries, processing and gold production,” stated Inca One president and chief executive officer Edward Kelly. “We are building a solid platform which we expect to improve on in the second half of this year.”
Electrical grid update
Inca One’s wholly owned Chala One milling facility is now connected to the electrical grid. The milling facility is currently receiving approximately two-thirds of its power from the grid. Final upgrades to the grid proximal to the town of Chala are under way. Full power line delivery is anticipated to be provided by SEAL, the regional power supplier, by the fall of 2017.
Changes to board and management
Inca One announces the resignation of Oliver Foeste from its board of directors and as chief financial officer. Mr. Foeste has served as a director of the company since 2010, during which time Inca One transitioned from an early-stage exploration company into an operating gold processor with cumulative revenue in excess of $30-million (U.S.) since commercial operations began in 2015. The company would like to thank Mr. Foeste for his dedication, diligence and positive contributions over the past seven years and wishes him the very best as he focuses on his growing accounting and finance advisory practice.
Also resigning from the Inca One board is Richard A. Mundie. The company would like to thank Mr. Mundie for his guidance and wish him well in all future endeavours.
The company is pleased to announce the appointment of Kevin Hart as chief financial officer.
Mr. Hart is a chartered professional accountant with over 20 years of international experience in finance, administration and governance for mining companies listed on the Toronto Stock Exchange and New York Stock Exchange. Most recently, he was corporate controller for Asanko Gold Inc. During his tenure, Asanko transitioned into a mid-tier gold producer in Ghana, West Africa. Prior to Asanko, Mr. Hart held senior finance and management positions for several companies founded by the Hunter Dickinson (HDI) group. Those companies included Farallon, which built the G9 mine in Mexico and was sold to Nyrstar in 2011. Mr. Hart was also involved in the restart of Taseko’s Gibraltar copper mine in Williams Lake, B.C.
The company is also pleased to announce the appointments of Rodney Stevens and Adrian Morger to its board of directors, effective immediately.
Mr. Stevens is a CFA charter holder with over 10 years experience in the capital markets, first as an investment analyst with Salman Partners Inc., then as a merchant and investment banker. While at Salman Partners, Mr. Stevens was recognized by Starmine in 2007, as a top-rated analyst for the metals and mining industry. Over the course of his career, Mr. Stevens has been instrumental in assisting in financings and merger and acquisition activity worth over $1-billion in transaction value.
Mr. Morger is a European-based asset manager with over 20 years experience in the banking industry. After studying business and economics from 1998 to 2001 at the University of Applied Sciences in Chur, Switzerland, he worked as fund manager of alternative investments at Internationale Fonds Service AG, then as head of fund and manager selection for VP Bank AG in Vaduz, Liechtenstein. In March, 2009, he founded Everest Wealth Management AG, followed in January, 2015, by Falknis Wealth Management AG. His asset management businesses also provide direct loans to mining companies.
About Inca One Gold Corp.
The company’s activities consist of the production of gold and silver from the processing of purchased minerals located in Peru. Peru is the sixth-largest producer of gold in the world, and the Peruvian government estimates the small-scale-mining sector accounts for a significant portion of all Peruvian gold production, estimated to be valued approximately $3-billion (U.S.) annually. The company purchases its minerals from government-registered small-scale mining producers from various regions and processes at its Chala One milling facility located in Chala, southern Peru.