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Atico Mining: Operations and Exploration Drilling Resumes at El Roble Mine
VANCOUVER, British Columbia, April 29, 2019 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) is pleased to anno
About this update from Atico Mining Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, April 29, 2019 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) is pleased to announce the end of the labor strike at its El Roble mine in Colombia. The Company has resumed all operations and re-initiated its diamond drill exploration program on the 6,300-ha land package. It is expected that operations will reach normal levels within the following hours. Throughout the remainder of the year, the Company will make every operational effort to make up for as much lost production as possible. 2019 Adjusted Guidance Due to the union negotiations and the strike at the El Roble Mine, the Company is adjusting the annual guidance as follows: 2019 Adjusted Production and Cost Guidance Previous New Copper (000s pounds) 20,000 to 21,000 17,000 to 18,000 Gold (ounces) 10,200 to 10,700 9,000 to 9,700 C1 Cash Cost ($US)(1) $1.50 to $1.55 $1.55 to $1.60 Note: Please see “Non-GAAP Financial Measures” at the end of this release. C1 cash cost per pound of payable copper produced net of by-product credits and selling costs. El Roble Mine The El Roble mine is a high grade, underground copper and gold mine with nominal processing plant capacity of 850 tonnes per day, located in the Department of Choco in Colombia. Its commercial product is a copper-gold concentrate. Since obtaining control of the mine on November 22, 2013, Atico has upgraded the operation from a historical nominal capacity of 400 tonnes per day. El Roble has Proven and Probable reserves of 1.47 million tonnes grading 3.40% copper and 1.88 g/t gold, at a cut-off grade of 1.93% copper equivalent as of June 30th, 2018. Mineralization is open at depth and along strike and the Company plans to further test the limits of the deposit. On the larger land package, the Company has identified a prospective stratigraphic contact between volcanic rocks and black and grey pelagic sediments and cherts that has been traced by Atico geologists for ten kilometers. This contact has been determined to be an important control on volcanogenic massive sulfide (“VMS”) mineralization on which Atico has identified numerous target areas prospective for VMS type mineralization occurrence, which is the focus of the current surface drill program at El Roble. Qualified Person Mr. Thomas Kelly (SME Registered Member 1696580), advisor to ...