Mako Mining Begins Producing Gold Again at La Trinidad
Mako Mining Begins Producing Gold Again at
La Trinidad
TSX- V: MKO
VANCOUVER
,
Feb. 19, 2019
/CNW/ -
Mako Mining Corp.
(TSX-V:
MKO
) (the "
Company
" or
"
Mako Mining
") is providing an update of its operations at
La Trinidad
in
Mexico
.
As a result of the completion of the acquisition transaction by the Company (then named Golden
Reign Resources Ltd.) of Marlin Gold Mining Ltd. (see Mako Mining press release dated
November
9, 2018
), the Company now holds a 100% interest in the
La Trinidad
heap leach gold operation in
Sinaloa State,
Mexico
(the "La Trinidad Mine"). The La Trinidad Mine declared commercial
production in
November 2014
and has operated continuously with the exception of pit dewatering
following hurricanes Linda in
September 2015
and Willa in October 2018.
Most recently, Hurricane Willa, a Category 3 hurricane that crossed over the La Trinidad Mine on
October 24, 2018
(see Marlin Gold Mining Ltd. press release dated
October 26, 2018
), led to a
significant amount of water flooding directly into the Taunus pit. The heap leach pad, and its
associated infrastructure, also received a significant amount of water during the event. As part of the
Company's emergency planning, pumps were active and working throughout the storm and no known
environmental discharge occurred. Importantly, no reported injuries were sustained by any Mako
Mining employees or contractors and the crusher and processing plant did not sustain any significant
damage.
Mako Mining is pleased to report that dewatering of the Taunus pit is nearing completion and mining
has recommenced. Crushing and stacking on the leach pad has also resumed and the crusher
stockpile is being replenished. This month, to date, the Company has mined over 71,000 tonnes of
ore at an average grade of 1.22 g/t gold and has crushed over 53,000 dry tonnes of ore at an
average grade of 1.33g/t gold. The current ore stockpile has been built up to over 37,000 tonnes at
1.23 g/t gold to date. Although the Company has made good headway with the removal of mud and
other debris in the pit, it continues to evaluate the safest and most effective mine plan to recover the
remaining gold ounces.
While Mako Mining has experience dealing with hurricane related insurance claims, it is not currently
in a position to estimate the amount of the insurance claim or the eventual reimbursement that it will
receive, nor is the Company in a position to comment on future cash flows from the La Trinidad Mine
until crushing and processing rates return to design capacity.
Qualified Person
Kevin Bullock
, P.Eng., a mining Engineer and qualified person (as defined under National Instrument
43-101) has reviewed and approved the scientific and technical information contained in this news
release regarding
La Trinidad
in
Mexico
. Mr. Bullock is the Chief Executive Officer of the Company.
On behalf of the Board,
"Kevin Bullock"
Kevin Bullock
, P.Eng.
CEO
About Mako Mining:
Mako Mining is a publicly listed gold mining, development and exploration company. It operates the
producing
La Trinidad
open-pit, heap leach gold mine in Sinaloa State,
Mexico
and is developing its
San Albino gold project in
Nuevo Segovia
,
Nicaragua
. Mako Mining's primary objective is to bring
San Albino into production quickly and efficiently, while continuing exploration of prospective targets
in both
Mexico
and
Nicaragua
.
Currently, Mako Mining is exploring for gold and silver mineralization on more than 60,200 hectares
(602 km2) of land holdings in Sinaloa State,
Mexico
and on 13,771 hectares (138 km2) at the San
Albino-Murra and El Jicaro properties, both in
Nueva Segovia
,
Nicaragua
. The Corona de Oro Gold
Belt, approximately 3 kilometres wide by 23 kilometres long, contains hundreds of historical mines
and workings and spans the entirety of the Company's
Nicaragua
land package.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Certain statements contained in this news release may be considered "forward-looking
information" and "forward-looking statements" within the meaning of applicable securities laws.
Forward-looking information includes, but is not limited to information with respect to the
Company's strategy, plans or future financial or operating performance, including with respect to
the Company evaluating the safest and most effective mine plan to recover the remaining gold
ounces from the
La Trinidad
mine; the Company pursuing its insurance claim in respect of the
damages resulting from Hurricane Willa and the eventual recoveries thereunder; future cash flows
from the La Trinidad Mine.
Forward-looking statements are characterized by words such as "plan," "expect", "budget", "target",
"project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that
certain events or conditions "may" or "will" occur. Forward-looking statements are based on the
opinions, assumptions and estimates of management considered reasonable at the date the
statements are made, and are inherently subject to a variety of risks and uncertainties and other
known and unknown factors that could cause actual events or results to differ materially from those
projected in the forward-looking statements. These factors include the Company not being
successful with its insurance claim; future cash flow of the Company being negatively impacted by
delays both at
La Trinidad
and San Albino; the pumping process and other impacts of Hurricane
Willa; the impact of general business and economic conditions, global liquidity and credit
availability on the timing of cash flows and the values of assets and liabilities based on projected
future conditions; fluctuating metal prices; currency exchange rates; the impact of inflation;
possible variations in ore grade or recovery rates; unanticipated costs and expenses; and general
risks of the mining industry such as failure of plant, equipment or processes to operate as
anticipated, unexpected changes in mine life; unanticipated weather changes; limitations on
insurance coverage and timing and possible outcome of pending claims; as well as those risk
factors discussed or referred to herein and in the Company's continuous disclosure available at
www.sedar.com
.
Although the Company has attempted to identify important factors that could cause actual actions,
events or results to differ materially from those described in forward-looking statements, there may
be other factors that cause actions, events or results not to be anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements. The
Company undertakes no obligation to update forward-looking statements if circumstances or
management's estimates, assumptions or opinions should change, except as required by
applicable law. The reader is cautioned not to place undue reliance on forward-looking statements.
The forward-looking information contained herein is presented for the purpose of assisting
investors in understanding the Company's expected financial and operational performance and
results as at and for the periods presented, and the Company's plans and objectives, and may not
be appropriate for other purposes. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to differ materially from those described
in forward-looking statements, there may be other factors that cause actions, events or results not
to be anticipated, estimated or intended.
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.
SOURCE
Mako Mining Corp.
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For further information:
Mako Mining Corp., Kevin Bullock, Chief Executive Officer, telephone:
(416) 408-3703, email: [email protected] or visit our website at
www.makominingcorp.com and SEDAR www.sedar.com.
CO: Mako Mining Corp.
CNW 17:45e 19-FEB-19