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Andean Precious Metals Extends Life of San Bartolomé Operation to 4.6 Years Based on New 2P Mineral Reserve Estimate
M+I mineral resources of 6.1 Mt grading 98 g/t silver, containing 19.0 million silver ounces, in...
About this update from Andean Precious Metals Corp
[{"type":"text","content":"Andean Precious Metals Extends Life of San Bartolomé Operation to 4.6 Years Based on New 2P Mineral Reserve EstimateM+I mineral resources of 6.1 Mt grading 98 g/t silver, containing 19.0 million silver ounces, including 2P mineral reserves of 5.1 Mt at 93 g/t silver, with 11.95 million recoverable silver ounces(All amounts are in U.S. dollars unless otherwise stated)Toronto, Ontario--(Newsfile Corp. - December 27, 2023) - Andean Precious Metals Corp. (TSXV: APM) (OTCQX: ANPMF)(\"Andean\" or the \"Company\") is pleased to announce an updated mineral reserve and resource estimate for the Company's San Bartolomé mine and mill operations, the largest commercial oxide processing facility in Bolivia.The 2023 mineral resource and reserve estimates herein (\"2023 MR&RE\") were prepared by SRK Consulting (U.S.) Inc. (\"SRK\") and will be supported by a technical report prepared in compliance with National Instrument 43-101 - Standards for Disclosure for Mineral Projects (\"NI 43-101\") that is expected to be filed by Andean within 45 days of this press release.\"The results reported today reflect the work undertaken to extend the life of our San Bartolomé processing facility and create value for our stakeholders. Our new mineral reserve and resource estimate excludes our low-grade and high cost \"pallacos\" for the areas of Antuco, Huacajchi and Santa Rita, and includes material from our fines deposit facility1, as well as other higher grade third-party contracted ore,\" stated Alberto Morales, Executive Chairman and Chief Executive Officer of Andean. While Andean has been processing ore from both its internal pallacos and third-party contracted material, the percentage of the contracted material has steadily increased. As of the end of the third quarter, on a year-to-date basis, third-party material represented more than 60% of tonnes processed and nearly 70% of ounces produced. During the first nine months of 2023, only 30% of ounces produced came from the Company's low-grade and high cost pallacos.\"To feed our mill during this next phase of operations, we will completely transition away from pallacos and focus on processing higher margin third-party sourced ore and on our FDF material,\" added Mr. Morales. \"During the course of 2023, we have successfully negotiated agreements for a significant amount of tonnage of...