Atico Updates Activities in Preparation for Operating the El Roble Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 7, 2013) - Atico Mining Corp. (TSX VENTURE:ATY)(PINKSHEETS:ATCMF) is pleased to report that since the exercise of the option agreement on El Roble property (September 25th news release) the company has successfully advanced the transition phase with the current owners and operators of the mine to close the transaction on November 22nd. In preparation of assuming control and operation of the mine, Atico has developed an integration plan in conjunction with the current operators and has incorporated staff at the project to support the optimization and scale up plans.
"The transition phase is proceeding according to schedule and we expect to conclude the exercise of the option agreement and takeover the existing operation as planned on November 22nd," commented Fernando E. Ganoza, CEO "I thank all the current employees of the El Roble mine, and our staff for their hard work in preparing the integrating of our teams and plans. I am confident the smooth and efficient transition will carry through to integration."
Atico will retain all of the current employees, while adding experienced staff to advance its mining plans and improve mine safety and environmental standards. The immediate focus for underground operations is the new 1880 level adit, which will be the main extraction point for newly discovered resources. The company's plans for the operation also include the optimization and scale-up of the mill and processing facility along with construction of a new tailings dam.
El Roble Mine
The El Roble property is the site of an operating underground copper and gold mine with a nominal capacity of 400 tonnes per day. Over the past 22 years the mine has processed 1.5 million tonnes of ore at an average head grade of 2.5% copper and an estimated 2.5 g/t gold. Copper and gold mineralization at El Roble occurs as volcanogenic massive sulfide ("VMS") lenses.
In January 28, 2011 Atico signed an option agreement to acquire 90% of the shares of MINER and has since been aggressively exploring the El Roble mine and surrounding claims. To date, Atico has completed 11,740 meters of diamond drilling on the property and has identified 15 prospective targets for VMS deposits in the 6,679 hectares surrounding the mine.
As a result of this exploration program the Company has discovered high grade copper and gold mineralization below the 2000 level, the lowest production level at the El Roble mine, and has established a National Instrument 43-101 compliant inferred mineral resource of 1.58 million tonnes at 4.45 % Cu and 3.17 g/t Au using a cut-off grade of 0.72 % Cu Eq. Mineralization is open at depth and along strike and the company will 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 across the El Roble Project area. 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 El Roble.
Qualified Person
Dr. Demetrius Pohl, Ph.D., AIPG Certified Geologist, a qualified person under National Instrument 43-101 standards and independent of the company, is responsible for ensuring that the information contained in this news release is an accurate summary of the original reports and data provided to or developed by Atico.
About Atico Mining Corporation
Atico is a growth oriented, copper and gold exploration and development company focused on mining opportunities in Latin America. The company's primary property is the El Roble project. The company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.aticomining.com.
ON BEHALF OF THE BOARD
Fernando E. Ganoza, CEO
Trading symbols: (TSX VENTURE:ATY)(PINKSHEETS:ATCMF)
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 release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
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 March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com.