Million Pounds of Cu and 2 , 294 Ounces of Au in Second Quarter 202 3
Page
1
of
4
Atico
Produces
2
.
80
Million Pounds of Cu and
2
,
294
Ounces of Au
in Second
Quarter 202
3
Vancouver,
July
2
7
,
20
2
3
--
Atico Mining Corporation (the “Company” or “Atico”) (TSX.V:
ATY | OTC
QX
: ATCMF)
announce
s
its operating results for the three months ended
June
3
0
,
20
2
3
from its El Roble mine.
P
roduction
for the quarter
totaled
2
.
80
million pounds of copper
and
2
,
294
ounces of gold
in concentrates
,
a
decrease
of
22
%
for copper
and
18
%
for
gold
,
over
the
same
period
in 20
2
2
.
“
T
he
El Roble mine
continued to show improvement
for the period
in terms of both processed
ton
n
es
and increase in head grades over the previous quarter.
The processing plant is again
reaching steady state levels of 900 tonnes per day while the mine
continues to transition
back
into higher grade areas
. W
e anticipate
further improvement in overall production results and
metal output
for
the second half of th
e year
”
said Fernando E. Ganoza, CEO.
“
For the remainder
of the year
we
will
continu
e our strong focus towards mine vicinity exploration at the El Roble
mine, looking to
build on the success of the recent
drill
results in the historic areas of the
deposit
.
”
Second
Quarter
Operational
Highlights
Production of
2
.
80
million pounds of copper contained in concentrates
;
a
decrease
of
22
%
over
Q
2
20
2
2
.
Production of
2,
294
ounces of gold contained in concentrates
;
a decrease of
18
% over
Q2 202
2
.
A
verage processed tonnes per day of
800
,
a decrease
of
10
% over Q2 202
2.
Copper head grade of
2
.
04
%,
a decrease
of
36
%
over Q
2
20
2
2
.
Gold head grade
of
1.78
grams per tonne;
a decrease
of
28
% over Q2 202
2.
Copper and gold recover
y
of
9
1
.
1
% and
58.7
%
;
no significant change
for
copper and
a
decrease of 7%
gold
over
Q
2
20
2
2
.
Page
2
of
4
Second
Quarter
Operational
Details
Q
2
202
3
Total
Q
2
202
2
Total
% Change
Production
(Contained in Concentrates)
Copper (000s pounds)
2,804
3,591
-
22%
Gold
(ounces)
2,294
2,811
-
18%
Mine
Tonnes of ore mined
72,340
61,667
17%
Mill
Tonnes processed
68,471
56,172
22%
Tonnes processed per day
800
889
-
10%
Copper grade (%)
2.04
3.17
-
36%
Gold grade (g/t)
1.78
2.47
-
28%
Recoveries
Copper (%)
91.1
91.4
Nil
Gold (%)
58.7
62.9
-
7%
Concentrates
Copper and Gold Concentrates (dmt)
6,784
8,278
-
18%
Payable copper produced (000s lbs)
2,639
3,411
-
23%
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 202
3
Total
Amounts in dry metric tonnes
Opening inventory
6
,
647
Production
6,784
Sales
(
6,597
)
Number of shipments
1
Page
3
of
4
Adjustment
20
Closing inventory
6,854
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 upgrade
d 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.
Min
eralization 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 sed
iments 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 occ
urrence, 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 acquisit
ion of advanced stage opportunities.
For more information, please visit
www.aticomining.com
.
Page
4
of
4
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 Unit
ed 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 Not
e 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 r
esults 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; uncert
ainty 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
regulat
ory authorities on the SEDAR website at
www.sedar.com