Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GoldSeek Radio: Harry S. Dent Jr. and Bob Hoye, and Chris Waltzek
By: radio.GoldSeek.com

Your Comprehensive Crash Survival Guide
By: Clive Maund

European Threats
By: John Mauldin

Yet Another Trillion-Dollar Unfunded Liability: WHY California Is Burning
By: John Rubino

Gold And Silver Prices Rise As The Markets And Oil Decline
By: Steve St. Angelo

BIS gold swaps fall in November but bank continues secret trading
By: Robert Lambourne

Listen to what gold is telling you
By: Gary Savage

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 2% and 3% on the Week While Stocks Drop Nearly 5%
By: Chris Mullen, Gold Seeker Report

Gold Stocks Acting as They Should During Market Stress
By: Gary Tanashian

Craig Hemke Warns of Fraud in Fractional Reserve Precious Metals Markets…
By: Mike Gleason

 
Search

GoldSeek Web

 
Inca One Enters Into Additional Ore Purchase Arrangements and Closes US$500,000 Debenture

 -- Published: Wednesday, 18 February 2015 | Print  | Disqus 

VANCOUVER, BC--(Marketwired - February 18, 2015) - INCA ONE GOLD CORP. (TSX VENTURE: IO) ("Inca One" or the "Company"), is pleased to announce that it has entered into an additional multi-delivery letter of agreement ("LOA") to purchase 400 tonnes per month of ore with an expected average grade of 30 grams per tonne gold from an additional mine in Peru as mill feed for the Chala One gold milling plant (the "Chala Plant" or "Chala One").

In addition, the Company announces that it has received and closed a financing in the amount of US$500,000 (the "Debt Financing") to provide capital for the purchase of additional mill feed materials for its Chala Plant. The Debt Financing was closed under an arrangement with SC Strategy Consult AG ("SC Strategy Consult"), who assisted the Company with its recent CAD$5.5 million bond and debenture financings used in the completion of the expansion of the Chala Plant. 

LOA's in Place for the Purchase of Ore

With the additional LOA announced today, the Company now has a total of four LOA's in place covering 1,350 tonnes per month of gold ore, and is negotiating for the purchase of additional tonnage. The Company's target is to have 1,500 tonnes per month under LOA's, or 50% of the total expected 3,000 tonnes per month to supply the expanded operating capacity. The balance of the mill feed is expected to come from ongoing spot purchases in the market.

Highlights of the LOA's and the Company's ore purchase program include the following:

  • LOA's signed with permitted mining operators in Peru.
  • Mill feed is expected to meet the targets for grade, quality and consistency.
  • Stockpiling continues in anticipation of ramping up to 100 tonnes per day ("TPD")

"We are very pleased to continue to increase the amount of mill feed committed to us to supply our mill expansion" said Edward Kelly, Inca One's President and CEO. "We continue to build new relationships with local miners and miners from around Peru, all of which are government-approved, permitted operations, and we look forward to reaching our goal of 1,500 tonnes per month of ore under LOA's as a base amount, while our ongoing negotiations to purchase quality ores under spot arrangements continues to provide us great advantages in enhancing our overall mix of mill feed."

Financing

The Debt Financing consists of units comprising one debenture of US$25,000 and non-transferable warrants to purchase up to 25,000 shares of the Company's common stock, exercisable for up to 12 months from closing at an exercise price of CAD$0.25. The holders of the debentures will be entitled to receive interest at the rate of 14% per annum, calculated and paid quarterly in arrears. 

A finder's fee of 8% of the gross proceeds of the bond financing will be payable in cash by the company to SC Strategy Consult. The Company will also issue to the SC Strategy Consult that number of finder's warrants equal to 8% of the bond proceeds, divided by the exercise price of CAD$0.25. Closing of the bond financing is subject to final approval of the TSX Venture Exchange.

Bjorn Paffrath, CEO of Swiss based SC Strategy Consult, stated: "The European and Swiss investors have been very pleased with the work performed by Inca One in constructing and completing the plant additions at Chala One on time and within budget. We have been excited to witness the successful start up operations at the plant as it ramps up to 100 tonnes per day. Management has attracted talented operators and we are happy to continue our support for the growth of the Company in the near term and beyond. Ourfocus is always on sustainable projects and sincere partners, who deliver on their promises. Ed Kelly and his team have so far exceeded the expectations in every aspect."

About Inca One

Inca One is a Canadian-based 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 Plant).

On behalf of the Board,

Edward Kelly, President & CEO

INCA ONE GOLD CORP.

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 forwarding-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.

Contact:
For More Information
Kin Communications Inc. 
Email contact1-866-684-6730
1-604-684-6730
Email contact

 


| Digg This Article
 -- Published: Wednesday, 18 February 2015 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus







 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.