Atico Produces 2.32 Million Pounds of Cu and 2,566 Ounces of Au in First Quarter 2023 and Resumes Full Operations at El Roble
Atico Produces 2.32 Million Pounds of Cu and 2,566 Ounces of Au in First
Quarter 2023 and Resumes Full Operations at El Roble
VANCOUVER, British Columbia, April 27, 2023 -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTCQX:
ATCMF) announces its operating results for the three months ended March 31, 2022 from its El Roble mine. Production for the
quarter totaled 2.32 million pounds of copper and 2,566 ounces of gold in concentrates, a decrease of 51% and 3% for copper
and gold, respectively, over the same period in 2022.
“At the El Roble mine we had a lower than usual copper head grade and output for the quarter as the mine plan called for
transitioning through the lower grade areas of the deposit. The team anticipates that the operation will be moving back into
higher copper grades during the second quarter and remain in these areas moving forward,” said Fernando E. Ganoza, CEO.
“For the remainder of the year, the operation is projected to make up for lower first quarter production and deliver on this year’s
set guidance. In parallel, we continue to make progress on the mine vicinity drilling with the goal to find additional reserves and
resources.”
First Quarter Operational Highlights
• Production of 2.32 million pounds of copper contained in concentrates; a decrease of 51% over Q1 2022.
• Production of 2,566 ounces of gold contained in concentrates; a decrease of 3% over Q1 2022.
• Average processed tonnes per day of 747, a decrease of 10% over Q1 2022.
• Copper head grade of 1.88%, a decrease of 47% over Q1 2022.
• Gold head grade of 2.20 grams per tonne; an increase of 6% over Q1 2022.
• Copper and gold recovery of 89.2% and 57.9%; a decrease of 3% for copper and gold over Q1 2022.
First Quarter Operational Details
Q1 2023 Total Q1 2022 Total % Change
Production (Contained in Concentrates)
Copper (000s pounds) 2,319 4,731 -51%
Gold (ounces) 2,566 2,636 -3%
Mine
Tonnes of ore mined 60,568 66,594 -9%
Mill
Tonnes processed 62,793 65,844 -5%
Tonnes processed per day 747 826 -10%
Copper grade (%) 1.88 3.55 -47%
Gold grade (g/t) 2.20 2.08 6%
Recoveries
Copper (%) 89.2 91.8 -3%
Gold (%) 57.9 59.7 -3%
Concentrates
Copper and Gold Concentrates (dmt) 5,813 10,719 -46%
Payable copper produced (000s lbs) 2,180 4,576 -52%
Note: Metal production figures are subject to adjustments based on final settlement. The reported results are preliminary in
nature and are awaiting independent lab verification.
Concentrate Inventory
The number of shipments the Company can export in any given quarter depends on several variables some of which the
Company does not control, hence there may be an inherent variability in tonnes shipped quarter to quarter.
Q1 2023 Total
Amounts in dry metric tonnes
Opening inventory 7,326
Production 5,813
Sales -6,475
Number of shipments 1
Closing inventory 6,647
Note: Concentrate figures are subject to adjustments based on final settlement.
El Roble Mine
The El Roble mine is a high grade, underground copper and gold mine with nominal processing plant capacity of 1,000 tonnes
per day, located in the Department of Choco in Colombia. Its commercial product is a copper-gold concentrate.
Since obtaining control of the mine on November 22, 2013, Atico has upgraded the operation from a historical nominal
capacity of 400 tonnes per day.
El Roble has Proven and Probable reserves of 1.00 million tonnes grading 3.02% copper and 1.76 g/t gold, at a cut-off grade of
1.3% copper equivalent as of September 30 th, 2020. Mineralization is open at depth and along strike and the Company plans
to further test the limits of the deposit.
On the larger land package, the Company has identified a prospective stratigraphic contact between volcanic rocks and black
and grey pelagic sediments and cherts that has been traced by Atico geologists for ten kilometers. This contact has been
determined to be an important control on VMS mineralization on which Atico has identified numerous target areas prospective
for VMS type mineralization occurrence, which is the focus of the current surface drill program at El Roble.
Qualified Person
Mr. Thomas Kelly (SME Registered Member 1696580), advisor to the Company and a qualified person under National
Instrument 43-101 standards, is responsible for ensuring that the technical information contained in this news release is an
accurate summary of the original reports and data provided to or developed by Atico.
About Atico Mining Corporation
Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America.
The Company generates significant cash flow through the operation of the El Roble mine and is developing its high-grade La
Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more
information, please visit www.aticomining.com .
ON BEHALF OF THE BOARD
Fernando E. Ganoza
CEO
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTCQX: ATCMF
Investor Relations
Igor Dutina
Tel: +1.604.633.9022
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities
being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the
‘‘U.S. Securities Act’’), or any state securities laws, and may not be offered or sold in the United States, or to, or for the
account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption
therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an
offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward Looking Statements
This announcement includes certain “forward-looking statements” within the meaning of Canadian securities legislation. All
statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-
looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and
assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ
materially from the Company’s expectations include uncertainties relating to interpretation of drill results and the geology,
continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional
financing to maintain its interest in and/or explore and develop the Company’s mineral projects; uncertainty of meeting
anticipated program milestones for the Company’s mineral projects; and other risks and uncertainties disclosed under the
heading “Risk Factors” in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory
authorities on the SEDAR website at www.sedar.com