INCA ONE RESOURCES CORP (TSX VENTURE:IO) is pleased to announce that through its partnership with Canadian Mining S.A. it has entered into an LOI to acquire 100% of a permitted and operational milling facility in Southern Peru. The mill has current capacity of 25 TPD, which can be increased with an additional ball mill and tanks.
The facility sits on a large 21 hectare piece of land with ample room to expand the mill. It is intended that application under the permitting process to further increase daily capacity above 50 TPD will take place upon a definitive agreement being signed. The Company is fully funded to complete the acquisition of the mill.
Completion of the acquisition of the milling facility is subject to a number of conditions including completion of a definitive agreement. Further details will be disclosed upon completion of the definitive agreement.
“This is a great stepping stone, in a great mining district, that we feel will bring great returns for our shareholders,” states Edward Kelly, President of Inca One. “The toll milling model provides cash flow and growth opportunities regardless of the gold price and regardless of equity market conditions. We intend to aggressively grow Inca One through the acquisition of cash flowing assets.”
In addition, Inca One through a subsidiary has now formally entered into a joint venture agreement with Canadian Mining S.A. whereas Canadian Mining will act as a contractor to provide Project Implementation services to Inca One for the Corizona Project. Canadian Mining shall be entitled to 20% of the net profits derived from project implementation and management. Inca One is entitled to 80% of the net profits.
Inca One is also pleased to announce that pursuant to the Company’s Stock Option Plan, the Board of Directors has authorized the granting of incentive stock options to employees and directors of the Company to acquire an aggregate of 950,000 common shares of the Company. The options have an exercise price of $0.15 per share and are exercisable until May 30, 2018.
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We acknowledge the [financial] support of the Government of Canada.