Click here to close now.




















Welcome!

News Feed Item

Atico Reports Consolidated Financial Results for the First Quarter of 2014

(All amounts expressed in US dollars, unless otherwise stated)

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/29/14 -- Atico Mining Corporation (the "Company" or "Atico") (TSX VENTURE: ATY)(PINKSHEETS: ATCMF) today announced its financial results for the three months ended March 31, 2014, posting income from mining operations of $539,870 and a net loss of $779,972, due to 2,516 tonnes of non-invoiced dry concentrate remaining in inventory at quarter end. Production for the quarter at Atico's El Roble mine totaled 1.4 million pounds of copper and 1,147 ounces of gold in concentrates at a cash cost(1) of $1.33 per equivalent payable pound of copper produced.

"During the first full quarter of operating the El Roble mine, copper and gold production exceeded our expectations as the operations team materially increased production from previous quarters," said Fernando E. Ganoza, CEO. "We are looking forward to a strong second quarter which will include revenue from our first full-size concentrate shipment."

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.
--  Revenues of $2.04 million generated during the quarter from the shipping
    and provisional invoicing of 946.7 tonnes of dry concentrate containing
    465,941 pounds of payable copper and 694 ounces of payable gold
    respectively.
--  At quarter end 2,515.7 tonnes of non-invoiced dry concentrate remained
    at the company's warehouses.
--  Income from mining operations of $539,870 for the quarter.
--  Net loss of $779,972 for the quarter primarily due to the sale and
    shipping of only a limited quantity of metals concentrate.
--  Average production costs(1) (before depreciation and amortization) for
    the quarter were $114.2 per tonne of processed ore.
--  Cash cost(1) per equivalent payable pound of copper produced was $1.33.

First Quarter Operations Review

El Roble performed better than planned in the first quarter of 2014 with an increase in copper and gold production. The performance was driven by a combination of higher than budgeted throughput, head grade and metallurgical recovery.

(1) These are alternative performance measures; please refer to "Non-GAAP Financial Measures" at the end of this release.

Cash cost(1) per tonne of processed ore was $114.2 and in line with company expectations. Cash cost(1) per payable pound of copper equivalent was $1.33. The company believes there is opportunity to improve the cash cost as the throughput increases in the subsequent quarters.



First Quarter Operational Details

----------------------------------------------------------------------------
                                                                    Q1 Total
----------------------------------------------------------------------------
Production (Contained in Concentrates)(i)
----------------------------------------------------------------------------
Copper (000s pounds)                                                   1,398
----------------------------------------------------------------------------
Gold (ounces)                                                          1,147
----------------------------------------------------------------------------
Silver (ounces)                                                        3,461
----------------------------------------------------------------------------
Mine
----------------------------------------------------------------------------
Tonnes of ore mined                                                   26,791
----------------------------------------------------------------------------
Mill
----------------------------------------------------------------------------
Tonnes processed                                                      23,016
----------------------------------------------------------------------------
Tonnes processed per day                                               354.1
----------------------------------------------------------------------------
Copper grade (%)                                                        3.01
----------------------------------------------------------------------------
Gold grade (g/t)                                                        2.43
----------------------------------------------------------------------------
Silver grade (g/t)                                                     10.65
----------------------------------------------------------------------------
Recoveries
----------------------------------------------------------------------------
Copper (%)                                                             91.53
----------------------------------------------------------------------------
Gold (%)                                                               63.73
----------------------------------------------------------------------------
Silver (%)                                                             43.91
----------------------------------------------------------------------------
Concentrates
----------------------------------------------------------------------------
Copper Concentrates (dmt)                                              2,735
----------------------------------------------------------------------------
 Copper (%)                                                            23.19
----------------------------------------------------------------------------
 Gold (g/t)                                                            13.05
----------------------------------------------------------------------------
 Silver (g/t)                                                          39.36
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Payable copper produced (000s lbs)                                     1,332
----------------------------------------------------------------------------
Cash cost per pound of payable copper(1) ($/lbs)                        1.33
----------------------------------------------------------------------------

(i)Subject to adjustments due to final settlement

The financial statements and MD&A are available on SEDAR and have also been posted on the company's website at http://www.aticomining.com/s/FinancialStatements.asp

El Roble Mine

El Roble is an operating underground copper and gold mine with a nominal mineral processing 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 occurs within volcanogenic massive sulfide ("VMS") lenses.

Since entering into an option agreement in January 2011 to acquire 90% of El Roble, Atico has aggressively explored the mine and surrounding claims. The Company has completed 11,740 meters of diamond drilling and identified numerous prospective targets for VMS deposits on the 6,679-hectare property. This exploration led to the discovery of high-grade copper and gold mineralization below the 2000 level, previously the lowest production level of the El Roble mine. Atico has developed a new adit access from the 1880 elevation to develop these new resources.

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 El Roble.

Qualified Person

Mr. Thomas Kelly (SME Registered Member 1696580), Chief Operating Officer of the Company and a qualified person under National Instrument 43-101 standards, is responsible for ensuring that the technical 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 company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company operates the El Roble mine and is pursuing additional acquisition opportunities. For more information, please visit www.aticomining.com.

ON BEHALF OF THE BOARD

Fernando E. Ganoza, CEO

Atico Mining Corporation

Trading symbols: TSX.V: ATY ? OTC: 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

Non-GAAP Financial Measures

The items marked with a "(1)" are alternative performance measures and readers should refer to Non-GAAP Financial Measures in the Company's Management's Discussion and Analysis for the three months ended March 31, 2014 as filed on SEDAR and as available on the Company's website for further details.

Contacts:
Atico Mining Corporation
Igor Dutina
Investor Relations
+1.604.633.9022
www.aticomining.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Containers are changing the security landscape for software development and deployment. As with any security solutions, security approaches that work for developers, operations personnel and security professionals is a requirement. In his session at DevOps Summit, Kevin Gilpin, CTO and Co-Founder of Conjur, will discuss various security considerations for container-based infrastructure and related DevOps workflows.
Countless business models have spawned from the IaaS industry. Resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his General Session at 16th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, broke down what we've got to work with and discuss the benefits and pitfalls to discover how we can best use them to d...
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, demonstrated the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He discussed from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT to tran...
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
SYS-CON Events announced today that Agema Systems will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Agema Systems is the leading provider of critical white-box rack solutions to data centers through the major integrators and value added distribution channels.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
"Our biggest growth area has been the security services, the managed services - the things that differentiate us in the market that there is no client that's too small and there's no client that's too big," explained Paul Mazzucco, Chief Security Officer at TierPoint, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share w...
"Alert Logic is a managed security service provider that basically deploys technologies, but we support those technologies with the people and process behind it," stated Stephen Coty, Chief Security Evangelist at Alert Logic, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
"We specialize in testing. DevOps is all about continuous delivery and accelerating the delivery pipeline and there is no continuous delivery without testing," noted Marc Hornbeek, Sr. Solutions Architect at Spirent Communications, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
"ProfitBricks was founded in 2010 and we are the painless cloud - and we are also the Infrastructure as a Service 2.0 company," noted Achim Weiss, Chief Executive Officer and Co-Founder of ProfitBricks, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
"We do data integration for B2B also application to application, and we do data management and enable Big Data," explained Pat Adamiak, Vice President, Product Marketing at Liaison Technologies, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
The Cloud industry has moved from being more than just being able to provide infrastructure and management services on the Cloud. Enter a new era of Cloud computing where monetization’s services through the Cloud are an essential piece of strategy to feed your organizations bottom-line, your revenue and Profitability. In their session at 16th Cloud Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, discussed how to easily o...