Business
Inception Mining Inc. Announces First Quarter Production From Its Clavo Rico Mine
Inception Mining Inc. Announces First Quarter Production From Its Clavo Rico Mine.
About this update from Blusky Ai, Inc.
[{"type":"text","content":"\n\n SALT LAKE CITY, Jan. 28, 2016 (GLOBE NEWSWIRE) -- INCEPTION MINING  INC. (OTC QB:IMII) (\"Inception\" or the \"Company\") has completed the first full operating quarter of the Clavo Rico mine. The Company assumed management control of  Cerros Del Sur, the mine operator of the Clavo Rico operation in Honduras, in August 2015. Both the mine and operating entity are wholly owned by Clavo Rico Ltd, the entity that was acquired by the Company via the previously-announced merger.\n We are pleased to announce that the last quarter’s production exceeded our projected recovery of a gold equivalent of 500 oz per month.   Production has continued in spite of abnormally heavy rains expected during this time of year.  This confirms that system modifications are in place and functioning and we hope this allows us continued production averaging +500 oz per month as additional CAPEX is devoted to process modifications.  In anticipation of the recently-announced acquisition, as part of its due diligence, the Company embarked on a minimal confirmatory drill program to validate the extent of the historically-proven reserve and to investigate the option to open pit lands placed under contract.  The results of the drilling accomplished by the in-house staff were extremely encouraging.   Pending additional drilling and mapping, this new ore body, when viewed in conjunction with the current open pit operation, the tailings processing, and the offsite sourcing of certain high grade ore, gives us confidence of an extended mine life prior to reengaging an underground operation. Clavo Rico Ltd’s principal mining operations in Honduras, Central America operate via a majority-owned subsidiary with positive revenue and significant resources.  Its mining concessions include several historical underground operations dating back to the early Mayan and Spanish occupation.   The operating entity is engaged in processing a  historical tailings ( >3gpt) body along with several open pit ( 3-6 + gpt) ore bodies, utilizing a new 650,000 ton membrane lined leach system and ADR recovery plant.  Michael Ahlin the Company’s CEO stated, “The proof of a mine’s management capability lies within meeting production goals, maintaining grade and cost control and resultant metal...