Calgary, Alberta–(Newsfile Corp. – June 7, 2022) – Antioquia Gold Inc. (TSXV: AGD) (OTC Pink: AGDXF) (“Gold of Antioquia“or the”Company”) is pleased to provide a summary of May 2022 production results for its Cisneros mining operation and to announce the progress of other ongoing projects.
Summary of production and update of operations:
During the month of May, 4,137 troy ounces of gold were produced at the Cisneros mining operation, with a gold to concentrate recovery of 97.00% during the month.
|gold product||Tr. Oz.||4,323||4,278||4,165||4,019||4,137||20,922|
Third-party mineralized material: During the month of May, 2,787 tonnes of mineralized material with an average gold grade of 15.39 g/t were purchased from third parties, representing 31% of monthly gold production.
Underground infill drilling began the last week of April and will continue throughout the year. The objective is to improve the reliability of tonnage and grade estimates for short and medium term production planning.
During the month of May, underground development at both mines continued to progress with a total of 1,009 meters (vertical, horizontal and ramping). At the Guaico mine, development is focused on deepening the mine access to the 985 level, where a new production base level will be opened. The Guayabito mine is focused on developing known structures laterally along strike. This will provide the infrastructure needed to support a possible future expansion to 1,000 tonnes per day (tpd) at this mine.
|Developments UG (meters)||January||February||March||April||May||Total 2022|
“We continue with steady gold production above 4,000 ounces and have exceeded 1,000 meters per month for the first time in our underground development programs. This pace of development is very important to ensure the replenishment of resources currently I would like to acknowledge the considerable efforts of our team youto achieve these results. said Mr. Gonzalo de Losada, President and CEO of Antioquia Gold.
Readers should be cautioned that the Company’s decision to proceed with the construction and production of the Cisneros mine is not based on the results of any pre-feasibility study or mineral resource feasibility study demonstrating the economic or technical viability. Readers are referred to the Cisneros report for further details on the independently verified mineral resources on the Cisneros project. Since 2013, the Company has undertaken exploration and development activities; and after considering various factors, including but not limited to: exploration and development results to date, internally developed technical information, availability of financing, low start-up costs as estimated internally by the Company’s management, the Company believes that the establishment of mineral reserves, the commissioning of a pre-feasibility study or a feasibility study at this stage n is not necessary, and that the most responsible use of the Company’s resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the absence of a pre-feasibility study or feasibility study, there is increased uncertainty and a higher risk of economic and technical failure associated with the Company’s decision. In particular, there is an additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than anticipated by management. Production and economic variables may vary significantly due to the lack of detailed economic and technical analysis in accordance with NI 43-101. The failure of a project could have a material adverse effect on the Company’s future profitability, its ability to repay existing borrowings and its overall ability to continue as a going concern.
Roger Moss, Ph.D., P.Geo., Consultant for Antioquia Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this press release.
For more information about Antioquia Gold Inc., contact:
Gonzalo de Losada – CEO
Thomas Kelly – Director
Antioquia Gold Inc.
Telephone 57 604 6041948
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 press release.
Notice to Readers Forward-Looking Statements:
This press release contains “forward-looking information” within the meaning of Canadian securities laws. Such information and statements, hereinafter referred to as “forward-looking statements”, are made as of the date of this press release and the Company neither intends nor undertakes any obligation to update such forward-looking statements, except as required by law.
Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements regarding: the completion of the rights offering and the use of the proceeds of the offer. Any statement that expresses or implies discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions, or future events or performance (often, but not always, using words or phrases such that “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “timing” or variations of these or indicating that certain actions, events or results “may”, “could”, “will”, “might” or “will” be taken, occur or be achieved, or the negative form of any of such terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are made based on certain of the Company’s assumptions and other important factors which, if incorrect, could cause Antioquia’s actual results, performance or achievements to differ materially from the results, performance or future achievements expressed or implied by these statements. . These statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimates, the price of gold, expected costs and Antioquia’s ability to meet its objectives. objectives, expected financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on these matters to be reasonable based on information currently available to it, they may prove to be incorrect. Other risks are described in the most recent annual information form filed by Antioquia, the annual and interim management report and other disclosure documents available under the Company’s profile at: www.sedar.com.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions may not reflect not future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed. in these forward-looking statements. – look at the statements.