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Tahoe Pays $1.35 Billion for Gold Mine in Peru
Inca One's Peruvian Gold Factory Ramps Up Production
VANCOUVER, British Columbia, March 2, 2015 (GLOBE NEWSWIRE) -- By Financial Press
In the biggest gold take-over in 10 months, Tahoe Resources has agreed to buy Rio Alto's La Arena gold mine in Peru for C$1.35 billion. Peru's 'political discount' is evaporating and fortunes are being made in the Amazon jungle while the Bay Street analysts flutz with their calculators.
Peru is currently one of the world's top producers of gold, with substantial production coming from artisanal miners who now need government-permitted milling facilities to process their ore.
Inca One (TSX-V:I0) (OTC:INCAF) is a Canadian-based ore processing company with a gold milling facility in Peru servicing small-scale miners. Construction of Inca One's 100 tonne per day milling plant is complete. The company is generating cash as it ramps up to full capacity.
"We are currently processing up to 60 tons per day," states President and CEO Edward Kelly in an exclusive interview with Financial Press, "When you're dealing with high grade ore, operational protocols are critical to achieve high recoveries. We are still optimizing our mill. Currently recovery is at about 90%. A few percent here or there can make a big difference to the bottom line."
Kelly and his operations team are steadily increasing production to the 100 tonne per day target. Full production is anticipated by the end of Q1 to early Q2, 2015.
"We forecasted the ore grade would be about half an ounce per tonne," stated Kelly, "However the trucks are arriving at with an average grade of .9 of an ounce – which means a longer processing time. Higher grade equals higher profits so it's a nice problem to have."
Kelly wants Inca One to be known as the gold processing company that pays fairly and quickly.
"In our business, prompt payment is critical," confirms Kelly, "The Peruvian miners have labour intensive operations. They have a lot of people to pay – and their livelihood is tied up in an inventory of rocks. So we take the customer-service part of our business very seriously."
Last week Inca One had five customers show up at the same time with 20-tonne trucks loaded with ore. Kelly cites this as part of the teething process with the new facility.
"The five loaded trucks caused a bottleneck of ore at the cone crusher," explains Kelly, "And guess what? Miners are just like anyone else. They don't like lining up. So to avoid delaying the trucks, we upgraded our cone crusher."
At 60 tonnes per day Inca One is breaking even and starting to make money. But Kelly states that it is not in the company's DNA to tread water at 100 tonnes capacity. Inca One has formed an evaluation committee looking for expansion projects - including purchasing and upgrading existing gold mills and building new ones.
In the 34 days from December 3, 2014 to January 7, 2015 Inca One recovered 521 ounces of gold and 557 ounces of silver from 753 tonnes of material at its start-up operations at the Chala One plant. Total current value of the metal is $686,000. Kelly anticipates the next gold recovery will be about 50% higher.
"The biggest surprise is that Peru is such a straight forward place to do business," states Kelly, "We are in daily contact with regional and national authorities on a variety of issues including business expansion and permitting for a new tailings pond. The key to success is to have experienced trustworthy local people in place."
On February 18, 2015 Inca One announced an agreement to purchase 400 tonnes per month of ore with an anticipated grade of 30 grams per tonne gold from an additional mine in Peru. The company also closed a $500,000 financing to fund the purchase of mill feed materials for its Chala Plant. The financing was arranged by SC Strategy.
"The European and Swiss investors have been very pleased with the work performed by Inca One," stated SC Strategy CEO Bjorn Paffrath, "Our focus is on sustainable projects with sincere partners who deliver on their promises. Ed Kelly and his team have so far exceeded our expectations in every aspect."
"We will continue to add dollars to our balance sheet," stated Kelly, "But we are a growth company which means we require infusions of capital to fund expansion."
The new mining legislation in Peru has created a perfect storm of opportunity for Inca One. The company does not stake land, run seismic or drill. The risks are metallurgical, not geological – and therefore easier to control.
"The rules in Peru create something of a captive market for Inca One," confirms influential Gold Newsletter Publisher Brien Lundin in the summer 2014 issue.
Dynacor Mines also has a gold ore-processing business in Peru. Its plant has maximum capacity of 250 tonnes per day. Dynacor's share price has risen from .17 to $1.90 in the last 5 years – an increase of 1,100%. DNG'S current market cap is $68 million.
Inca One, with its 100-tonne per day capacity, is currently trading at .23 with a market cap of $15.7 million.
Legal Disclaimer/Disclosure: This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Financial Press makes no guarantee, representation or warranty and a fee has been paid for the production and distribution of this Report.
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