Atico Produces 5.10 Million Pounds of Cu and 2,831 Ounces of Au in Third Quarter 2017
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Atico Produces 5.10 Million Pounds of Cu and 2,831 Ounces of Au in Third
Quarter 2017
Vancouver, October 23, 2017 -- Atico Mining Corporation (the “Company” or “Atico”)
(TSX.V: ATY | OTC: ATCMF) announces its operating results for the three months ended
September 30, 2017 from its El Roble mine. Production for the quarter totaled 5.10 million
pounds of copper and 2,831 ounces of gold in concentrates, an increase of 13% for copper and
no significant change for gold over the same period in 2016.
“We are very please d to report a strong operating quarter maintaining steady state production
levels and remaining in line to reach operational objectives for 2017.” said Fernando E. Ganoza,
CEO. “For the remainder of the year, the Company will continue focusing on the regional and
mine vicinity exploration programs with rigs currently drilling on surface and underground.”
Third Quarter Operational Highlights
• Production of 5.10 million pounds of copper contained in concentrates ; an increase of
13% over Q3 2016.
• Production of 2,570 ounces of gold contained in concentrates; no significant change over
Q3 2016.
• Average processed tonnes per day of 794, an increase of 4% over Q3 2016.
• Copper head grade of 3.68%, an increase of 6% over Q3 2016.
• Gold head grade of 2.16 grams per tonne; an increase of 3% over Q3 2016.
• Copper and gold recovery of 94.3% and 61.8%; no significant change for copper and a
decrease of 10% for gold over Q3 2016.
Third Quarter Operational Review
Processed ore was in line with C ompany budget for the third quarter. The increase in higher
copper output for the quarter relative to Q3-2016 is explained by a higher copper head grade. In
the case for gold production, the output was in line with Company budget with no significant
change over Q3-2016.
Copper recoveries maintained their high comparable to the same period last year, while gold
recoveries during the quarter were in line with Company projections. Gold recovery decreased
as expected driven by a 10% increase in the copper content in the concentrate to 2 1.90%
(19.96% in Q 3-2016). This increase in the copper content in the concentrate provides a net
economic benefit offsetting the resulting decrease in gold recovery. The Company will continue
to explore increasing the copper content in the concentrate in the following quarte rs while
increasing the gold recovery.
The operation remains on track to deliver on set guidance throughout the remainder of the year.
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Third Quarter Operational Details
Q3 2017
Total
Q3 2016
Total
% Change
Production (Contained in Concentrates)
Copper (000s pounds) 5,099 4,515 13%
Gold (ounces) 2,831 2,813 nil
Mine
Tonnes of ore mined 74,919 63,112 19%
Mill
Tonnes processed 66,443 48,015 38%
Tonnes processed per day 794 766 4%
Copper grade (%) 3.68 3.48 6%
Gold grade (g/t) 2.16 2.08 4%
Recoveries
Copper (%) 94.3 94.6 nil
Gold (%) 61.1 67.9 -10%
Concentrates
Copper and Gold Concentrates (dmt) 10,551 10,221 3%
Payable copper produced (000s lbs) 4,844 4,312 12%
Note: Metal production figures are subject to adjustments based on final settlement.
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El Roble Mine
The El Roble mine is a high grade, underground copper and gold mine with nominal processing
plant capacity of 800 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 a measured and indicated resource of 1.87 million tonnes grading 3.46% copper
and 2.27 g/t gold, at a cut-off grade of 0.93% copper equivalent. Mineralization is open at depth
and along strike and the Company plans to further test the limits of the resource.
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 operates the El Roble mine and is pursuing
additional acquisition 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
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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 o f
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 wi ll 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 i n 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 g rade 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
The Company has not based its production decisions and ongoing mine production on mineral reserve estimates,
preliminary economic assessments or feasibility studies, and historically such projects have increased uncertainty
and risk of failure. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Non-GAAP Financial Measures
The items marked with a "(1)" are alternative performance measures and readers should refer to Non -GAAP
Financial Measures in the Company's Management's Discussion and Analysis for the nine months ended September
30, 2016 as filed on SEDAR and as available on the Company's website for further details.