Edmonton, Alberta–(Newsfile Corp. – October 2, 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. The Company reports that 2019 revenues have exceeded US$1,003,000 (CDN$1,333,000) at the Plant by processing 13,799 tonnes (“mt“). of third-party mineral in seventeen mineral campaigns. During this period the Company has worked diligently to reduce liabilities in both Canada and Peru by over CDN$400,000.
Jeffrey Reeder, CEO of Peruvian Metals, comments: “Achieving the revenue milestone of US$1 million by the 3rd Quarter is a significant accomplishment for our Company. Recent improvements such as the expansion of the tailings area will allow us to focus on achieving higher processing volumes. Significant reductions in debt levels are continuing and will improve the working capital position of the Company. Our Peruvian team has done an excellent job, not only in the mineral processing, but also developing long term relationships with mineral suppliers and miners.”
During the third quarter of 2019, Aguila Norte achieved mineral processing throughput of 4,186 mt, representing a 44% decrease from the second quarter. The Company expects to return to higher levels of processing throughput during the fourth quarter now that the expansion of the tailings area is completed. To further increase processing volumes, the Company began construction on expanded drying pads, anticipated to be completed in October.
The Company anticipates that revenues will continue to maintain, upgrade and potentially expand the Plant while providing a high-quality mineral concentrate product to its customers. With a demonstrated cash flow, Peruvian Metals gains the ability to negotiate favorable terms for mineral purchases which will provide higher operating margins. The Company expects its working capital position will continue to improve during the fourth quarter of 2019.
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 mt per day level. 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: jeffrey.reeder@peruvianmetals.com
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.
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