(Toronto, Ontario – January 6th, 2020) Peruvian Metals Corp.(TSXV: PER) (“Peruvian Metals” or the “Company”) is pleased to provide an update regarding the mineral processing at its 80% owned fully permitted Aguila Norte Processing Plant (“Aguila Norte” or the “Plant”) located in Northern Peru.
During Q4, Peruvian Metals processed 4,496 tonnes of mineralized material for third parties. The Company has achieved record throughput for 2019 by processing 18,510 tonnes resulting in an increase of 380% production compared to 2018. More than 90% of the mineral processed produced two concentrates. The last three quarters of 2019 averaged more than 60% of the plant’s capacity of 36,000 tonnes per year.
During 2019, the Plant produced high grade quality concentrates for third parties in twenty two mineral campaigns or batches ranging from 232 metric tonnes to 1750 metric tonnes. All but two of the batches were polymetallic. The plant achieved excellent recoveries by producing 4091 metric tonnes of highly marketable Zinc concentrates averaging 52.4% Zn and 1364 tonnes of Lead-Silver concentrates averaging 52.9% Pb and 125 ounces Ag per tonne. 46 tonnes of Copper concentrates was also produced by processing only one small batch copper mineral. Concentrate ratios (Amount of Mineral Processed: Tonnes of Concentrates Produced) averaged only 3.31 to 1 showing that the Plant is producing significant amount of concentrates for clients.
Jeffrey Reeder, CEO of Peruvian Metals comments: “Processing during 2019 at the Company’s Aguila Norte processing facility has achieved record processing throughput. We fully expect to dramatically exceed the 2019 throughput in 2020. The Plant is continuing to produce quality concentrates and expects to have the Plant fully commissioned during first quarter of 2020. The Company continues to establish good relationships in Northern Peru and is continuously reviewing new opportunities. Our Company expects to continue processing with a few select miners while we intend to enter into mineral purchase and profit sharing agreements with other miners. The Company will continue to focus on improving profit margins and plans to divest certain non-core assets in early 2020.”
The Aguila Norte processing plant has an environmental permit (“IGAC”) from the Peruvian government which provides the Plant with the ability to expand operations past the current 100 tonnes per day level. With the processing of third party mineral and the companies plans to convert to mineral purchasing and processing, to achieve higher margins, expansion of the facility is anticipated in the mid-Q3.
Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation or approved the scientific and technical disclosure contained in this news release.
About Peruvian Metals Corp.
Peruvian Metals Corp. is a Canadian Exploration and Mineral Processing company. Our business model is to provide toll milling services for clients and to produce high grade concentrates from mineral purchases. The Company continues to acquire and develop precious and base metal properties in Peru.
For further information on Peruvian Metals Corp. please visit www.peruvianmetals.com .
Peruvian Metals Corp. is a Canadian resource companylisted on the
TSX Venture Exchange:Symbol “PER”
For additional information, contact: Jeffrey Reeder Tel: (647) 302-3290
Website: www.peruvianmetals.com Email: [email protected]
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.
Disclosure Regarding Forward-Looking Statements: This press release contains certain “Forward-Looking Statements” within the meaning of applicable securities legislation. We use words such as “might”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate”, “forecast” and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information.