Inca One Gold Prepares to Capitalize on Increased Number of Miners and Ore Supply from Formalization Amnesty

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Vancouver, British Columbia--(Newsfile Corp. - May 20, 2020) - INCA ONE GOLD CORP. (TSXV: IO) (FSE: SU9.F) (SSEV: IOCL) ("Inca One" or the "Company") provides the following update on the small scale mining sector and the formalization process in Peru.

Earlier this year, as reported in our press release dated January 31, 2020, the Peruvian Government commenced a four month amnesty period beginning January 15, 2020 allowing new and existing mining operations another opportunity to register with the Ministry of Energy and Mines, to demonstrate their compliance with environmental and safety regulations and remit taxes on sales of extracted minerals. As indicated, this represented a renewed window of opportunity within the mining sector to potentially increase the market supply of mineral rich material and expand our customer base.

The initial results from re-opening the formalization process have been positive as the number of miners registered has grown 22% to an estimated 66,000 in March 2020, from approximately 54,000 as of January 2020. As a result of this significant growth of the small-scale mining market there are now more legal miners available for Inca One to expand its customer base and forge relationships with new customers that have achieved regulatory compliance within this program.

Edward Kelly, President and CEO of Inca One, commented, "In theses uncertain times we can look at the rising gold price and growing number of legal miners as positive for Inca One. As industry opens up again, these developments should provide the Company an opportunity to purchase more mineral for processing and allow us to reach our capacity levels sooner, thereby accelerating our growth."

With Inca One coming off its best ever year in 2019 producing over 25,000 ounces of gold while averaging 143 tonnes per day throughput, the Company is well positioned to benefit both from the increasing numbers of legal miners entering the sector and also from the recent and dramatic rise in the spot price of gold, potentially translating to an increase in output and production levels.

As a result of the global COVID-19 pandemic, the Peruvian Government has extended the terms of the amnesty period for up to 30 days after the date of return to normal business activities. Therefore, the opportunities for additional miners to enter the program, gain compliance and increase the number of registered miners should continue to expand.

About Inca One

Inca One Gold Corp is a TSXV listed, small-cap, gold producer operating two, fully permitted, gold ore processing facilities in Peru. Peru is the world's sixth-largest producer of gold and its small scale mining sector is estimated by government officials to be valued in the billions of dollars annually. The Company, now in its sixth year of commercial production, is led by an experienced and capable management team that has established Inca One Gold as a trusted leader in servicing government permitted, small scale miners in Peru. Inca One Gold possesses a combined 450 tonnes per day permitted operating capacity at its two fully integrated plants, Chala One and Kori One, and is targeting a fourth consecutive year of increased production and sales growth.

On behalf of the Board,

Edward Kelly
President and CEO
INCA ONE GOLD CORP.

For More Information Contact:

Konstantine Tsakumis
Inca One Gold Corp.

[email protected]

604-568-4877

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 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. Inca One believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56169

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).