TORONTO, ON / ACCESSWIRE / June 4, 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 2019, Peruvian Metals has consistently grown the output at the Aguila Norte processing facility in Northern Peru. The Plant has a capacity of 100 tonnes per day or approximately 3,000 tonnes per month. During the first quarter processing was impacted by poor weather conditions which slowed the supply of mineral to the Plant and concentrate for sale. During the first quarter the Plant processed 2,103 tonnes.
During Q2, the Plant is now approaching 90% of its full capacity, and has processed 2,294 metric tonnes during the month of April and a monthly record 2,771 metric tonnes during May. In addition, the Company has stockpiled 2,800 tonnes for processing during June. The Company continues to stockpile third party mineral for processing and has in place contracts for the balance of 2019.
Jeffrey Reeder, CEO of Peruvian Metals comments: "During Q2, the Company's Aguila Norte processing facility has achieved record processing throughput. The Company has a distinct competitive advantage due to its location and plant design thereby producing high quality mineral concentrates that receive higher concentrate prices. Along with a full permit allowing for expansion, the Company has the potential to increase Plant capacity for higher monthly processing rates. The Company will be in a stronger position to commence purchasing mineral in the near term."
The Aguila Norte processing plant has an environmental permit ("IGAC") from the Peruvian government which provides the Plant with the ability to expand operations past the current 100 tonnes per day level. With the processing of third party mineral and the Company's plans to convert to mineral purchasing and processing, to achieve higher margins, expansion of the Plant is anticipated.
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 company listed 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.
SOURCE: Peruvian Metals Corp.