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Vancouver, British Columbia--(Newsfile Corp. - June 11, 2020) - INCA ONE GOLD CORP. (TSXV: IO) (FSE: SU92) (SSEV: IOCL) ("Inca One" or the "Company") is pleased to provide an update on the accelerated restart of small scale mining in Peru, helping to kickstart the Peruvian mining sector.
On June 4, 2020, the Peruvian Government announced a new decree outlining a staged restart of industrial activity across the country. Initially scheduled to be included in a later phase restart on August 1, 2020, the small scale sector was deemed to be of national importance to the Peruvian economy and its accelerated restart will allow thousands of small scale and artisanal miners to return to work two months sooner than expected.
The head of Peru's National Society of Mining, Oil and Energy Manuel Fumagalli indicated in a statement, "Peru needs its mining industry to operate at 100% in the shortest possible time," and that reopening the mining sector "…will trigger an important productive chain which guarantees the continuation of direct and indirect employment for the benefit of more than 1.5 million families."
During the lock-down period, there was reduced mining activity throughout the country, limiting deliveries to processing facilities due to the travel and transportation restrictions. Now, as a result of the unexpected, early restart, stockpiled ore can be transported to the Chala One and Kori One processing facilities on a regular basis.
"We are hopeful for a swift return to normalized and socially responsible operations," stated Edward Kelly, President and CEO of Inca One. "Although the reopening will still face challenges in this new COVID-19 environment, we have deployed our ore buying teams across the country to purchase stockpiled gold bearing material for shipment to our plants as the country opens up industrial activity region by region."
The Company used the slowdown period since early March to perform a number of updates to its processing facilities. At Chala One, management was able to fine-tune its systems, implement process improvements and complete necessary maintenance. Down time in between processing days at Kori One allowed for an extra clean out of the ball mills and tanks, providing additional ounces for smelting and export. Completing these necessary updates and maintenance in advance of a return to normal industrial activities is anticipated to improve efficiency and productivity at its plants in the future.
Over these prior few months Inca One implemented COVID-19 protocols not only as requested by the authorities, but in some instances in advance of official governmental orders. Because of swift corporate actions, the Company was able to prioritize the health and safety of its staff and employees. The Company is proud to report its employees remain free of COVID-19 symptoms and are ready to support its suppliers in their protocols as well.
About Inca One
Inca One Gold Corp is a TSXV listed, small-cap, gold producer operating two, fully permitted, gold ore processing facilities in Peru. Peru is the world's sixth-largest producer of gold and its small-scale mining sector is estimated by government officials to be valued in the billions of dollars annually. The Company, now in its sixth year of commercial production, is led by an experienced and capable management team that has established Inca One Gold as a trusted leader in servicing government permitted, small scale miners in Peru. Inca One Gold possesses a combined 450 tonnes per day permitted operating capacity at its two fully integrated plants, Chala One and Kori One, and is targeting a fourth consecutive year of increased production and sales growth.
On behalf of the Board,
President and CEO
INCA ONE GOLD CORP.
For More Information Contact:
Inca One Gold Corp.
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Statements regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) fluctuation of mineral prices; (ii) a change in market conditions; and (iii) the fact that future operational results may not be accurately predicted based on this limited information to date. Except as required by law, the Company does not intend to update any changes to such statements. Inca One believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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