Atico Produces 3.75 Million Pounds of Cu and 2,724 Ounces of Au in Q3 2022
Atico Produces 3.75 Million Pounds of Cu and 2,724 Ounces of Au in Q3 2022
VANCOUVER, British Columbia, Oct. 27, 2022 -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTCQX:
ATCMF) announces its operating results for the three months ended September 30, 2022 from its El Roble mine. Production
for the quarter totaled 3.75 million pounds of copper and 2,724 ounces of gold in concentrates, a decrease of 15% for copper
and an increase of 8% for gold over the same period in 2021.
“Production for the period was slightly below budget due to extended maintenance of the SAG mill system. This was mostly
driven by unusually long shipping delays of spare parts that were required to perform the maintenance. Production rate
improved towards the end of the quarter as steady state-run rate was again achieved.” said Fernando E. Ganoza, CEO. “For
the fourth quarter, we continue looking for opportunities to improve metal production as we stay on track to deliver our 2022
production guidance. At the same time, we are aggressively drill testing in proximity to our mine and on the large regional land
package.”
Third Quarter Operational Highlights
• Production of 3.75 million pounds of copper contained in concentrates; a decrease of 15% over Q3 2021.
• Production of 2,724 ounces of gold contained in concentrates; a decrease of 9% over Q3 2021.
• Average processed tonnes per day of 786, a decrease of 15% over Q3 2021.
• Copper head grade of 3.12%, an increase of 11% over Q3 2021.
• Gold head grade of 2.28 grams per tonne; an increase of 13% over Q3 2021.
• Copper and gold recovery of 91.5% and 62%; no significant change for copper and an increase of 4% for gold,
respectively over Q3 2021.
Third Quarter Operational Review
Overall production was slightly below the Company budget for the third quarter. The decrease in both copper and gold
production is mainly explained by the decrease in processed tonnes, partially offset by improved head grades for the period.
Copper recovery was in line with the Company budget while the gold recovery showed a slight improvement over the same
period last year. During the quarter the Company delivered two concentrate shipments as the operation remains on track to
deliver on set guidance throughout the remainder of the year.
Third Quarter Operational Details
Q3 2022 Q3 2021 % Change
Production (Contained in Concentrates)
Copper (000s pounds) 3,753 4,442 -15%
Gold (ounces) 2,724 2,978 -9%
Mine
Tonnes of ore mined 66,245 76,276 -13%
Mill
Tonnes processed 59,689 77,816 -23%
Tonnes processed per day 786 919 -15%
Copper grade (%) 3.12 2.80 11%
Gold grade (g/t) 2.28 2.02 13%
Recoveries
Copper (%) 91.5 92.6 Nil %
Gold (%) 62.0 58.8 5%
Concentrates
Copper and Gold Concentrates (dmt) 9,048 10,704 -15%
Payable copper produced (000s lbs) 3,565 4,220 -15%
Note: Metal production figures are subject to adjustments based on final settlement.
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.
Q3 2022
Amounts in dry metric tonnes
Opening inventory 13,458
Production 9,048
Sales -14,219
Number of shipments 2
Adjustments -267
Closing inventory 8,020
Note: Concentrate figures are subject to adjustments based on final surveys and final settlement of sales.
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 with an effective date of September 30, 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 it’s 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; the world-wide economic and social impact of COVID-19
is managed and the duration and extent of the coronavirus pandemic is minimized or not long-term; disruptions related to the
COVID-19 pandemic or other health and safety issues, or the responses of governments, communities, the Company and
others to such pandemic or other issues; 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