(Toronto, Ontario – July 11, 2019) 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 second quarter of 2019, Peruvian Metals achieved record processing throughput of 7,509 metric tonnes (“mt”) at Aguila Norte. Mineral processing throughput increased by 357% in the second quarter compared to Q1. The Plant has a capacity of 100 mt per day or approximately 3,000 mt per month.
During Q2, the Plant produced high grade concentrates for third parties. Eight mineral campaigns or batches were processed ranging from 355 mt to 1750 mt. All but one of the batches was polymetallic. The Plant achieved excellent recoveries by producing 2019 mt of highly marketable Zinc (1539 MT) and Lead-Silver (480 MT) concentrates. More importantly, concentrate ratios (Amount of Mineral Processed : Tonnes of Concentrates Produced) averaged 3.72 to 1 showing that the Plant is producing significant amounts of concentrate that will interest metal traders to enter into long-term off take agreements with Aguila Norte. The Company is now confident that these metal traders will provide the upfront capital to purchase mineral from suppliers and to make further improvements to the plant.
Jeffrey Reeder, CEO of Peruvian Metals, comments: “The Company’s Aguila Norte processing facility achieved record processing throughput during Q2. Our clients are extremely pleased with the concentrates being produced and we believe the Company will be in a position to commence purchasing mineral in the near term for processing and then sell the concentrates to in-country traders. The Company is continuing discussions with small miners to assist them geologically and, in return, either process their mineral for a fee or purchase the mineral outright. This has led us to review new potential properties for acquisition”.
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 processing of third party mineral and the Company’s plans to convert to mineral purchasing and processing, it is anticipated the Company will achieve higher margins at the facility during Q3 of 2019.
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.