SOURCE: Inca One Resources Corp.
VANCOUVER, BC--(Marketwired - September 03, 2014) - INCA ONE RESOURCES CORP. (TSX VENTURE: IO)
("Inca One" or the "Company") is pleased to give an update on the Chala One milling facility upgrade as it remains fully funded, on schedule and on budget for 100 TPD capacity by the end of Q4 2014.
The first 50TPD ball mill being manufactured in Lima Peru, is over 70% complete and expected to be delivered to the Chala One site by the end of September. In addition, the down payment has been made to commence the assembly of the second 50 TPD ball mill and it is slated for delivery by the middle of November.
For the first phase of production of 50 TPD two 20x20 tanks, one 16x16 tank and one 14x14 tank have been fabricated and were delivered to the Chala One site on Wednesday, August 27th 2014. The cement pads for the tanks are complete and are ready now for the assembly of the tanks.
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Inca One has also purchased an 80-ton scale allowing the company to weigh ore on arrival at the Chala One processing site to further reduce risk of third party errors. Construction has begun and will be completed at the end of November.
"In short, we are very pleased with our team who remain committed to meeting specific timelines and budgets," states George Moen, COO of Inca One. "We are excited to be in the position to say that cash flow is now in the very foreseeable future."
ED & ED Engineering Services SA, a Peruvian engineering firm who has built a number of plants for the ore-processing sector of up to 300 TPD is currently on-site, developing the facility's start-up strategy and overseeing the construction of the plant expansion.
The Chala One (CIL) plant is located on 17 hectares of property in the region of Arequipa. Arequipa hosts the largest amount of small-scale mines, which are legal to buy and process ore from. These are mines that are unable to support stand-alone plants and the potential demand for ore processing is considerable. The company has identified sufficient ore sources in the Arequipa region to meet its short and long term sales goals.
About Inca One Resources Corp.
Inca One is a Canadian-based mineral resource company and ore processing company with a gold milling facility in Peru, servicing government-permitted small-scale miners. A highly mineral-rich country, Peru is one of the world's top producers of gold, silver, copper and zinc, with substantial production coming from small scale miners who need government permitted milling facilities to process their ore (such as the Company's Chala mill).
On behalf of the Board,
INCA ONE RESOURCES CORP.
President & CEO
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 NEWS RELEASE.
Statements regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forward-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) fluctuation of mineral prices; (ii) a change in market conditions; and (iii) the fact that the Company has limited operating experience with its Chala plant and future operational results may not be accurately predicted based on this limited information to date. Except as required by law, the Company does not intend to update any changes to such statements.
This news release deals only with the Company's Chala plant, which is an industrial project. This presentation does not deal at all with the Company's sole mineral exploration property, the Corizona property. Investors should note that no resource has been established on the Corizona property and all of the material currently being processed at the Chala plant is received from local small-scale mining operations.