January 31, 2019 Antioquia Gold Announces Start of Testing on Treatment Plant CALGARY, ALBERTA - (January 31, 2019) - Antioquia Gold Inc. ("Antioquia Gold" or the "Company") (TSX VENTURE: AGD) (OTCQX: AGDXF) is pleased to announce the start of testing of its treatment plant located in Cisneros, Colombia.
During the weeks of January 21 and January 28, 2019, the Company started tests at the ore treatment plant with material mined from the Guaico and Guayabito mines. The following aspects are highlighted:
The equipment and processes put into operation were: primary crushing (Metso C80) secondary crushing (Metso Nordberg HP200), grinding mill (Denver 8'x10'), gravity concentration (Falcon SB1350), flotation rougher and scavenger (8 cells Outotec), flotation cleaner and re-cleaner (9 Denver cells) and concentrate filtration (Cidelco filter).
The treatment rate for the initial tests started at 100 TPD, and then quickly ramped up to 230 TPD, below the plant capacity of 500 TPD. The Company will continue to ramp up the treatment rate in the following weeks to reach the maximum capacity level.
The Company is producing two gold and silver products: gravity concentrates and flotation concentrates.
Antioquia Gold thanks all of the team that participated and contributed to achieve this important milestone in the development and start-up of its Cisneros development, which will generate benefits to communities in its area of influence and in Colombia in general.
Roger Moss, Ph.D., P.Geo., Consultant to Antioquia Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this news release.
On behalf of the Antioquia Gold Board of Directors
Mr. Gonzalo de Losada, President and Chief Executive Officer
Antioquia Gold Inc.
For further information on Antioquia Gold Inc. contact:
Antioquia Gold Inc.
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Reader Advisory Forward-Looking Statements:
This press release contains "forward-looking information" within the meaning of Canadian securities legislation. This information and these statements, referred to herein as "forward-looking statements", are made as of the date of this press release and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.
Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: the completion of the Rights Offering and the use of proceeds of the offering. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "schedule" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are made based upon certain assumptions by the Company and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimations, the price of gold, anticipated costs and Antioquia's ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia's most recently filed Annual Information Form, annual and interim MD&A and other disclosure documents available under the Company's profile at: www.sedar.com.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.
Readers should also be cautioned that the Company's decision to move forward with the construction and production of the Cisnero Mine is not based on the results of any pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability. Readers are referred to the Cisneros Report for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Company has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Company's management, the Company is of the view that the establishment of mineral reserves, the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Company's resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Company's decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Company's future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.