::: originally posted by AURYN Mining SpA :::
June 16, 2016 @ 15:33pm
AURYN Mining Chile SpA (“AURYN” or “the Company” or “AMC”) is pleased to announce the commencement of mine preparation on the Caren property at the Alto de Lipangue project on Monday June 20th 2016 as scheduled.
We estimate this effort will require approximately two months to complete.
The team that has conducted the planning and design work will be joined on June 18, 2016 by a group of hard rock mining specialists from Peru who have recently been issued their work permits.
AURYN Mining Chile is planning to start production at the Caren Mine once mine preparation is completed, and we obtain the necessary validation from the Chilean mining authorities that the mine is designed according to the laws and regulations pertinent to the permits held by Auryn. The Peruvian experts hired specifically by AURYN have designed the engineering project and mining layout. According to the current exploitation license, the maximum tonnage allowed by regulation is 5000 tons per month. AURYN’s engineers plan to ramp up production to achieve this level of production during the next 6 to 8 months, with a cut-off grade of 15 g/t gold.
Metallurgical tests conducted at laboratories in Perú returned an average gold recovery greater than 90%. Test conditions confirmed the best recovery method entails use of a Falcon gravimetric system processing previously concentrated ore.
These results make us confident that we can produce a total of 5,000 troy ounces of gold before year-end 2016, and over 25,000 troy ounces in 2017.
Cash flow generated from production at the Caren Mine project will provide the funding required for the aggressive exploration program at the high-potential porphyry mineralization at the Pegaso Nero target, as well as further drilling at the Merlin-Fortuna targets.
AMC is pleased to announce that Mr. Gary Goodin has been appointed director, effective immediately, to the AURYN Mining Chile SpA board of directors.
Mr. Goodin, an attorney at law, is a board member of Medinah Minerals Inc., which is a 25% stake owner of AURYN Mining Chile SpA.
We welcome Mr. Goodin to our team, and we are extremely confident the relationship will be a fruitful one.
On behalf of AMC Board.