INCA ONE GOLD CORP. (TSX-V: IO) (FSE: SU9.F) (SSEV: IOCL) reports consolidated gold production and deliveries for the three month period of January, February and March 2020 from its Chala One Plant and Koricancha Plant. All comparative year-over-year production numbers are on a 100% basis and represent consolidated operations from both facilities.
Q1 2020 Results
|Consolidated Operations||Q1 2020||Q1 2019||YOY Variance||Q4 2019||QOQ Variance|
|Gold Produced (oz)||5,289||7,063||-25%||5,924||-11%|
|Gold Sales (US$)||$7.7 million||$10.4 million||-26%||$9.8 million||-21%|
Following what began as a strong supply of ore being delivered in February to our plants, the storyline that dominated the Quarter in March was the general tailing off of mineral supply as transportation around the country became subject to Governmental restrictions in light of the Coronavirus (COVID-19) pandemic. The anticipation is that as transport restrictions ease, supplies of mineral will pick up again allowing for a return to regular operations. What is of particular significance, and which bodes well once normalcy returns, is the grade of material being processed saw a significant increase as a result of new providers from Northern Peru choosing Inca One as their processing partner of choice.
Inca One President and CEO, Edward Kelly stated, “Operations at both Chala One and Kori One facilities continue under tight managerial restrictions while monitoring and maintaining the health and safety of our plant staff and employees. We do so in full compliance with the Peruvian government declaring a state of national emergency and the Mining Ministry’s recent declarations of ensuring the essential supply chain of services.”
As Inca One previously announced on March 30, 2020, operations have been temporarily curtailed due to the Peruvian government’s supreme decree declaring a national state of emergency in response to the COVID-19 worldwide pandemic. In response to COVID-19, the Company quickly implemented new protocols at its plants and offices to safeguard and reduce the possibility of transmission of the disease. These protocols included control measures aimed at preventing the potential spread of the virus, compliance with the government’s stay at home quarantine, along with suspending or limiting non-essential travel, if work cannot be carried out remotely. At this time we can confirm that we are not aware of any COVID-19 related cases at any of our locations and offices.
About Inca One
Inca One Gold Corp is a TSXV listed, small-cap, gold producer operating two, fully permitted, gold ore processing facilities in Peru. Peru is the world’s sixth-largest producer of gold and its small scale mining sector is estimated by government officials to be valued in the billions of dollars annually. The Company, now in its sixth year of commercial production, is led by an experienced and capable management team that has established Inca One Gold as a trusted leader in servicing government permitted, small scale miners in Peru. Inca One Gold possesses a combined 450 tonnes per day permitted operating capacity at its two fully integrated plants, Chala One and Kori One, and is targeting a fourth consecutive year of increased production and sales growth.
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