Atico Produces 3.59 Million Pounds of Cu and 2,811 Ounces of Au in Second Quarter 2022
Atico Produces 3.59 Million Pounds of Cu and 2,811 Ounces of Au in Second
Quarter 2022
VANCOUVER, British Columbia, July 21, 2022 -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTCQX:
ATCMF) announces its operating results for the three months ended June 30, 2022 from its El Roble mine. Production for the
quarter totaled 3.59 million pounds of copper and 2,811 ounces of gold in concentrates, a decrease of 16% for copper and an
increase of 4% for gold, over the same period in 2021.
“The El Roble mine delivered well despite having to stop operations for twenty-four days in April. The stoppage was a result of
a landslide incident near the dewatering facility, we are very pleased that no injuries resulted from this incident and that
damage to equipment was minor. Given the strong start to the year along with good performance during the operating days of
this quarter, the Company is already back on track to deliver on guidance for the year” said Fernando E. Ganoza, CEO. “In
second half of the year, we will continue our strong focus towards mine vicinity exploration at the El Roble mine, looking to
extend mineralization at depth and along strike.”
Second Quarter Operational Highlights
• Production of 3.59 million pounds of copper contained in concentrates; a decrease of 16% over Q2 2021.
• Production of 2,811 ounces of gold contained in concentrates; an increase of 4% over Q2 2021.
• Average processed tonnes per day of 889, no significant change over Q2 2021.
• Copper head grade of 3.17%, an increase of 2% over Q2 2021.
• Gold head grade of 2.47 grams per tonne; an increase of 24% over Q2 2021.
• Copper and gold recovery of 91.4% and 62.9%; no significant change for both copper and gold over Q2 2021.
Second Quarter Operational Review
Overall production was below Company budget for the second quarter, entirely explained by the twenty-four-day stoppage
which resulted in less than expected processed tonnes. The decrease in copper production is mainly explained by the
decrease in processed ore along with a slight decrease in head grade over the same period last year. The gold output
completely offset the lower processed tonnes in the quarter as we saw a significant improvement in head grade relative to Q2-
2021. The operation remains on track to deliver on set guidance throughout the remainder of the year.
Second Quarter Operational Details
Q2 2022 Total Q2 2021 Total % Change
Production (Contained in Concentrates)
Copper (000s pounds) 3,591 4,312 -16%
Gold (ounces) 2,811 2,699 4%
Mine
Tonnes of ore mined 61,667 71,437 -14%
Mill
Tonnes processed 56,172 68,238 -18%
Tonnes processed per day 889 892 Nil
Copper grade (%) 3.17 3.10 2%
Gold grade (g/t) 2.47 2.00 24%
Recoveries
Copper (%) 91.4 92.6 Nil
Gold (%) 62.9 62.0 Nil
Concentrates
Copper and Gold Concentrates (dmt) 8,278 10,020 -17%
Payable copper produced (000s lbs) 3,411 4,070 -16%
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.
Q2 2022 Total
Amounts in dry metric tonnes
Opening inventory 9,732
Production 8,278
Sales (4,472)
Number of shipments 1
Adjustment (80)
Closing inventory 13,458
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 | OTC: 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