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 the month of July, Peruvian Metals processed 1,887 metric tonnes (“mt”) and crushed and stockpiled a further 1,069 mt at Aguila Norte. Processing of this crushed mineral started August 1st and has been completed as of today. Further deliveries in July resulted in an additional 1,169 mt of stockpiled material to be crushed and processed during the second half of August. Mineral deliveries are continuing.
A total of fourteen mineral campaigns or batches totaling 11,499 mt have been processed since the beginning of the year. The Plant is achieving excellent recoveries and many of the mineral suppliers continue to provide the plant with their mineral. Furthermore, the Company continues to focus on identifying and negotiating with new miners on additional mineral sources that will provide improved margins for Aguila Norte.
Jeffrey Reeder, CEO of Peruvian Metals, comments: “The Company’s Aguila Norte processing facility has been achieving consistent throughput since April. Our clients are pleased with the quality of concentrates being produced. The Company is continuing discussions with small and large miners to process and/or purchase large batches of mineral.”
Aguila Norte has an environmental permit (“IGAC”) from the Peruvian government which provides the Plant with the ability to expand operations past the current 100 mt per day level. With the steady processing of third-party mineral, the Company is continuing to improve its balance sheet and is in negotiations to purchase a long-term source of mineral. Further improvements at the Plant are ongoing to increase throughput.
The Company also announces that a total of 1,100,000 options to purchase common shares of the Company have been granted to certain directors, officers and consultants at an exercise price of $0.05 per share, expiring on August 13, 2020. The grant is subject to regulatory approval.
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 company listed 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.