ENP Newswire -
Release date- 30052014 -
Production for the quarter at Atico's
'During the first full quarter of operating the
First Quarter Financial Highlights
The Company produced 2,735 tonnes of dry concentrate during the quarter with a metal content of 1.398 million pounds of copper and 1,147 ounces of gold.
At quarter end 2,515.7 tonnes of non-invoiced dry concentrate remained at the company's warehouses.
Income from mining operations of
Net loss of
Average production costs (before depreciation and amortization) for the quarter were
Cash cost per equivalent payable pound of copper produced was
First Quarter Operations Review
These are alternative performance measures; please refer to 'Non-GAAP Financial Measures' at the end of this release.
Cash cost per tonne of processed ore was
Since entering into an option agreement in
National Instrument 43-101 compliant inferred mineral resource are 1.58 million tonnes grading 4.45 % copper and 3.17 g/t gold, at a cut-off grade of 0.72 % copper equivalent. Mineralization is open at depth and along strike, the Company plans to further test the limits of the resource.
On the larger land package, the Company has identified a prospective stratigraphic contact between volcanic rocks and black and grey cherts that has been traced by Atico geologists for ten kilometers. This contact has been determined to be an important control on VMS mineralization on which Atico has identified 15 prospective target areas for VMS type mineralization occurrence, which is the focus of the surface drill program at
Atico is a growth-oriented company, focused on exploring, developing and mining copper and gold projects in
Cautionary Note Regarding Forward Looking Statements
This announcement includes certain 'forward-looking statements' within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company's mineral projects; uncertainty of meeting anticipated program milestones for the Company's mineral projects and other risks and uncertainties disclosed under the heading 'Risk Factors' in the prospectus of the Company dated
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