ANTIOQUIA GOLD INC. : http://www.antioquiagoldinc.com/ : QwikReport

News Releases

June 08, 2020
Antioquia Gold Cisneros Operations Update

CALGARY, ALBERTA - (June 8, 2020) - Antioquia Gold Inc. ("Antioquia Gold" or the "Corporation") (TSX VENTURE: AGD) (OTC Pink: AGDXF) is pleased to provide a summary of May 2020 production results for its Cisneros mining operation, report the results of the recent exploration drill program and announce the progress of other ongoing projects.

Production Summary and Operations Update:

During May 1,446 troy ounces of gold were produced at the Cisneros mining operation. An average of 357 tonnes per day were processed with a recovery of gold to concentrate of 97.0% during the month. As shown in the table below, an important increase in gold production and head grade (the highest since the beginning of operations) has been reached. Difficulties with water supply caused a temporary decrease in the daily processing rate during the month.

 

 

January

February

March

April

May

Mineral Processed

Dry Tonnes

14,349

8,936

12,081

13,329

11077

Feed Grade

g/t Au

2.60

2.27

3.02

3.25

4.19

Gold Produced

Tr. Oz.

1,155

625

1,133

1,349

1446

Total Recovery

%

96.4%

95.9%

96.5%

96.9%

97.0%

Worked days

Days

31

29

31

30

31

Average Processed

Dry Tonnes/Day

463

308

390

444

357


The difficulty with the water supply has been overcome with the recent commissioning of a new water pipeline and the approval by the environmental authority of the required water volume concession permit. This has allowed the process plant to reach its nominal 600 tonne per day processing rate as of now.

Below are other important announcements associated with the current status of the operation:
Exploration Drill Program Results:

Twenty underground diamond drill-holes targeting the Nus shear zone below level 1160 were recently completed. The majority of holes intercepted the shear zone and were drilled at or near perpendicular angles to the structure. Preliminary results of the exploration are presented in the table below.

DRILLHOLE

FROM

TO

LENGTH

Au (g/t)

NUS_UG_19_001

184.96

198.97

14.01

5.11

NUS_UG_19_002

158.9

175.32

16.42

3.39

NUS_UG_19_003

159.7

200.98

41.28

0.46

Including

172.36

174.26

1.90

4.19

NUS_UG_19_004

140

145.42

5.42

17.31

NUS_UG_19_005

242.1

259.58

17.48

1.27

NUS_UG_19_006

53.58

62

8.42

1.52

Including

53.58

55.6

2.02

4.32

NUS_UG_19_007

121.28

135.24

13.96

5.13

NUS_UG_19_008

134.43

141.7

7.27

1.23

NUS_UG_19_009

78

80

2.00

2.90

NUS_UG_19_010

56.8

61.68

4.88

2.01

NUS_UG_19_011

No significant results

NUS_UG_19_012

147.82

155.42

7.60

4.64

NUS_UG_19_013

57.15

66.05

8.90

1.74

NUS_UG_19_014

181.1

195.4

14.30

2.55

NUS_UG_19_015

No significant results

NUS_UG_19_016

Pending Results

NUS_UG_19_017

Pending Results

NUS_UG_19_018

Pending Results

NUS_UG_19_019

Pending Results

NUS_UG_19_020

Pending Results


Notes: 1. Reported intersections are downhole widths and do not represent true width. 2. Grades herein are reported as uncapped values.

The above results are encouraging as they show that the shear zone is open at depth and shows better widths and grades than were known at higher levels. Currently, the main access decline is being developed to access these new blocks. It is projected that the mineralization defined in this exploration program will begin to contribute to production in the first half of next year.

New Projects:
"We continue improving the gold production month by month. This, added to the excellent results of the recent exploration programs, allows us to project a solid growth for the company in the short term", stated Mr. Gonzalo de Losada, president and CEO of the company

Government tax refund certificate

The Colombian government is committed to encourage investments in the mining sector. That is why during 2018 the Company signed an agreement with the government, in which the Company undertook certain investments to obtain future taxes benefits. During 2019 those investments were completed and in May 2020 the Company received a tax refund certificate for an approximate value of USD $1Million. The certificate was sold in the secondary market and the cash received has been used to meet corporate obligations.

QA/QC

A Quality Control sampling program of reference standards, blanks and duplicates is used to monitor the integrity of all assay results. All samples are split at the local field office and shipped to ALS Labs, where they are dried, crushed, split and 50 gram pulp samples are prepared for analysis. Gold is determined by fire assay with an atomic absorption (AA) finish, over-limit samples are reanalyzed by fire assay with a gravimetric finish.

Readers should be cautioned that the Corporation's decision to move forward with the construction and production of the Cisneros Mine is not based on the results of any pre-feasibility study or feasibility study of mineral reserves 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 Corporation 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 Corporation's management, the Corporation 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 Corporation'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 Corporation'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 Corporation's future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.

Qualified Persons

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.



For further information on Antioquia Gold Inc. contact:
Antioquia Gold Inc.
Email: info@antioquiagold.com
www.antioquiagoldinc.com

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 press release.

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 Corporation 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 Corporation 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 Corporation'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.
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May 08, 2020
Antioquia Gold Cisneros Operations Update

CALGARY, ALBERTA - (May 8, 2020) - Antioquia Gold Inc. ("Antioquia Gold" or the "Corporation") (TSX VENTURE: AGD) (OTC Pink: AGDXF) is pleased to provide a summary of April production results for its Cisneros mining operation and announces the progress of its ongoing projects.

During April 1,349 troy ounces of gold were produced at the Cisneros mining operation. An average of 444 tons per day were processed with a recovery of gold to concentrate of 96.9% during the month. As shown in the table below, a slight increase in the head grade and an improvement in the daily processing rate have significantly improved the results over previous months.

    January February March April
Mineral Processed Dry Tonnes 14,349 8,936 12,081 13,329
Feed Grade g/t Au 2.60 2.27 3.02 3.25
Gold Produced Tr. Oz. 1,155 625 1,133 1,349
Total Recovery % 96.4% 95.9% 96.5% 96.92%
Worked days Days 31 29 31 30
Average Processed Dry Tonnes/Day 463 308 390 444


Additionally, the company announces some important progress regarding various priority actions taken and announced over the past few months:

  1. Plant Expansion 1,200 TPD: The modification of the environmental impact assessment has been officially approved by the regional autonomous corporation CORNARE, therefore the expansion project is fully licensed. Work was suspended for several weeks due to the contingency related to COVID-19, however work has recently resumed following all the protocols and guidelines of the government and relevant authorities. The new estimated completion date is July 2020.
  2. New mining contractor: As announced in the last press release, a new mining contractor has started work at Antioquia Gold’s operations and will be completing the equipment fleet during the coming weeks. This will allow for increased production and preparation rates.
  3. Alternative mining method on narrow veins: An intensive preparation program is in progress to mine narrow veins with the long hole stoping method following successful completion of test stoping with the new method. Preparation work on some blocks is close to finished and several blocks are planned to be mined next month.
  4. Purchase of Third-Party Mineral: This line of business continues to show significant progress, and currently represents about 20% of production.

"Last month we significantly improved our operating results, which motivates us to continue working diligently to achieve the goals that we have set for the company in the coming months", stated Mr. Gonzalo de Losada, president and CEO of the company.

Readers are cautioned that the Corporation's decision to move forward with the construction and production of the Cisneros 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 Corporation 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 Corporation's management, the Corporation 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 Corporation'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 Corporation'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 Corporation's future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.


Qualified Persons

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.



For further information on Antioquia Gold Inc. contact:
Antioquia Gold Inc.
Email: info@antioquiagold.com
www.antioquiagoldinc.com


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 press release.

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 Corporation 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 Corporation 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 Corporation'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.
File: http://www.antioquiagoldinc.com/i/pdf/nr/2020-05-08_NR.pdf
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April 13, 2020
Antioquia Gold Cisneros Operations Update

CALGARY, ALBERTA - (April 13, 2020) - Antioquia Gold Inc. ("Antioquia Gold" or the "Corporation") (TSXV: AGD) (OTC Pink: AGDXF) is pleased to provide a first quarter 2020 production summary for its Cisneros mining operation and announces actions taken associated with preventing the spread of the Covid-19 virus.

During the first quarter of the year a total of 2,913 troy ounces of gold were produced at the Cisneros mining operation. An average of 388 tons per day with a recovery of gold to concentrate of 96.3% were processed during the period. 

    January February March
Mineral Processed Dry Tonnes 14,349 8,936 12,081
Feed Grade g/t Au 2.60 2.27 3.02
Gold Produced Oz 1155 625 1133
Total Recovery % 96.4% 95.9% 96.5%
Worked days Days 31 29 31
Average Processed Dry Tonnes/Day 463 308 390

Issues with water supply for mineral processing due to the dry season over the last two months have not allowed the process plant to reach the treatment levels for which the plant was designed. Currently a new water line is under construction and the additional water supply is expected four weeks after required permits are obtained. 

Recently a new mining contractor has started work at Antioquia Gold's operations.  Initial work is focusing on the preparation of the sublevels required for mining of the narrow veins with the long hole stopping method.  In addition, work regarding developing and mining the Nus shear zone will be accelerated.

Antioquia Gold has engaged Mr. Tom Kelly as Country Manager for the Colombian operations at Cisneros.  Mr. Kelly is a Mining Engineer from the Colorado School of Mines and has more than 40 years of experience operating mines in several countries (Canada, U.S.A., Colombia, Peru, Kazakhstan, Indonesia, Zambia, South Africa, Venezuela, Honduras, Nicaragua and Bolivia,).  His experience includes mining of different metals (gold, silver, copper, lead, zinc, tin) with different mining methods (open pit, underground, narrow veins, wide veins, shear zones, VMS, etc.).  

Finally, Antioquia Gold has decided, as part of its contingency of dealing with the COVID-19 pandemic,  that some projects, such as the plant expansion, be suspended as Antioquia Gold widens its policy of providing a safe and healthy workplace for all of its employees and contractors.  The expanded policy is also designed to comply with local and national government guidelines, as well as international health organization recommendations.

"We have started the escalation of long hole mining in narrow veins with the new mining contractor, in a few months the long hole development program will allow us to have a greater contribution of high-grade material from narrow veins in production.  This will be reflected in better mill head grade and, as a consequence, better operational and financial results for the company. Additionally, we are working to overcome the water supply problems. Once the new water supply is on-line we look forward to reaching process plant production levels of 600 tpd again.  We are also committed to doing our part in overcoming the current pandemic and look forward to completing the plant expansion at the appropriate time." Says Mr. Gonzalo de Losada, president and CEO of the company

Readers should be cautioned that the Corporation's decision to move forward with the construction and production of the Cisneros 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 Corporation 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 Corporation's management, the Corporation 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 Corporation'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 Corporation'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 Corporation's future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.

Qualified Persons                              

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.


For further information on Antioquia Gold Inc. contact:
Antioquia Gold Inc.
Tel: +(574) 3217073
Email: info@antioquiagold.com
www.antioquiagoldinc.com


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 press release.

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 Corporation 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 Corporation 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 Corporation'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. 

File: http://www.antioquiagoldinc.com/i/pdf/nr/2020-04-13-agd-nr.pdf
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February 04, 2020
Antioquia Gold Cisneros Operations Updated

CALGARY, ALBERTA - (February 4, 2020) - Antioquia Gold Inc. ("Antioquia Gold" or the "Corporation") (TSXV: AGD) (OTC Pink: AGDXF) is pleased to provide a production summary for its Cisneros mining operation, an update of the underground drilling program, and to announce its intention to advance the recently acquired La Palma property.

During its first year of operations, from January to December 2019, 12,192 ounces of gold were produced at the Cisneros mining operation. An average of 475 tonnes were processed per day with a 93.8% average recovery during the period.

Similar rates of production were reached in January 2020 with slight increases in recovery and feed grade. A summary of production for 2019 and January 2020 are provided in the table below.

2019

January 2020

Mineral Processed

Dry Tonnes

163.789

14.349

Feed Grade

g/t Au

2.47

2.60

Gold Produced

oz

12,192

1,155

Total Recovery

%

93.8%

96.4%

Days Worked

Days

345

31

Average Processed

Dry Tonnes/Day

475

463

As announced in November (see news release dated November 7, 2019), an underground exploration drilling program began last December. Three rigs are currently operating, and 3,200 meters have been drilled in 10 holes to date. The drilling program is focused on extending the knowledge of the Nus shear zone at depth and to explore structural systems located west of the Guayabito Mine.

In addition, the Corporation has, in parallel with legal procedures, started mine design at the recently acquired La Palma property. This property has an important history of artisanal mining and Gramalote Colombia Limited conducted exploration activities in the area about two years ago.  Antioquia Gold expects that planning and development activities will be completed before the end of 2020.

Finally, significant progress on the six strategic fronts that are in development has been realized:

  1. 1200 TPD Plant Expansion: Construction is proceeding according to schedule. The new mill is onsite and electrical and mechanical assembly has begun. The completion date has been defined for April 2020. The environmental impact study is being evaluated by the authorities and a report is expected before the end of the first quarter 2020.
  1. New mining contractor: The main equipment is currently on the mine and the new contractor is ready to begin work.  The new contractor has significant experience and will prepare, develop and mine the Corporation's mineral resources in a cost-efficient manner.
  1. Alternative mining pilot tests in narrow veins: Pilot mining tests in narrow veins were concluded. After a detailed evaluation of productivity, cost, quality (dilution), and safety, the Corporation has decided to change the mining method for narrow veins to Long Hole (Sub Level Stoping).  An intensive preparation program to scale this method has begun and is projected to be completed before the second quarter.
  1. Energy purchase contract e: A lower rate for electricity supply is being applied as a result of the new contract with the energy supplier.
  1. Purchase of Third-Party Material: This line of business shows significant progress, representing about 15% of gold production in January.
  1. Installation of ore sorting process: This project has been delayed until next year. The Corporation will focus on increasing production through plant expansion, the new narrow vein mining method and development of the La Palma operation. The ore sorting process will be installed after these initiatives are completed.

"We continue to advance the strategies we have drawn up to make Antioquia Gold a profitable company. Preliminary results of the exploration work are highly encouraging and will ensure the continuity of the business over time. Areas like La Palma with its mining history can significantly contribute to the production goals that we want to achieve, so we will focus efforts to develop it in the shortest possible time." said  Mr. Gonzalo de Losada, President and CEO of the Corporation.

Readers should be cautioned that the Corporation'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 Corporation 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 Corporation's management, the Corporation 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 Corporation'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 Corporation'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 Corporation's future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.

Qualified Persons

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.

For further information on Antioquia Gold Inc. contact:
Antioquia Gold Inc.
Tel: +(574) 3217073
Email:
www.antioquiagoldinc.com

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 press release.

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 Corporation 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 Corporation 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 Corporation'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.

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November 08, 2019
Antioquia Gold Cisneros Operations Updated

CALGARY, ALBERTA - (November 8, 2019) - Antioquia Gold Inc. (TSXV: AGD) (OTC Pink: AGDXF) ("Antioquia Gold" or the "Company") is pleased to provide a production update for its Cisneros mining operation and announces an underground drilling program.

During the last three months of operation, the Company maintained processing rates higher than 500 dry tonnes per day with a slight decrease in the feed grade. Currently the Company's production is mainly from the Nus shear zone with limited contribution of narrow veins.

A summary of the monthly production from the beginning of the operation highlighting the high recovery rates achieved in the process is given in the table below.



January

February

March

April

May

June

July

August

September

October

Mineral Processed

Dry Tonnes

1656

9666

11891

15027

16028

16474

17438

16958

15585

16052

Feed Grade

g/t Au

2.30

2.16

2.90

2.80

2.74

2.54

2.88

2.33

2.02

2.03

Gold Produced

Oz

112

598

1044

1292

1354

1246

1524

1223

958

993

Total Recovery

%

91.7%

89.2%

94.2%

95.6%

96.0%

92.7%

94.3%

96.3%

94.5%

95%

Average
Processed

Dry
Tonnes/Day

151

345

384

501

517

549

563

547

520

518

The company plans to start an underground drilling program before the end of the year with the aim of expanding the mineral resources to extend the mine life., A significant increase in mining rates is expected due to the upcoming expansion of the processing plant and the implementation of the ore sorting process (see News Release dated August 15, 2019).

The drilling program will be at least 10,300 meters and will be focused mainly on exploring the Nus shear zone and the Guayabito vein system along strike and at depth (See figure below).

Significant progress on the six strategic fronts that are in development (see August 15, 2019 News Release) includes:

  1. Plant Expansion to 1200 TPD: While construction progress is on schedule, delivery of the second mill is delayed for 4 weeks, so the completion date has been redefined for February 2020. Progress is also being made with the environmental impact assessment, which is expected to be delivered to the authorities before year end.
  1. New mining contractor: The new mining contractor is mobilizing its equipment and contracting personnel to site with the objective of starting operations in December.
  1. Alternative mining pilot tests in narrow veins: Pilot mining tests in narrow veins continue with productivity, cost and quality (dilution) being investigated. The evaluation is expected before the end of the last quarter of 2019.
  1. Installation of the ore sorting process: The companies that will perform the mechanical assembly, construction and electrical instrumentation have been selected. The process should be operational before the end of the first quarter of 2020.
  1. Energy purchase contract signed: The contract with EPM (Empresas Publicas de Medellin) has been signed, therefore a reduction of rates will be reflected in the month of November.
  1. Purchase of Third-Party Mineral feed: Due diligence studies are in progress with potential mineral suppliers. Some minor purchases have been made, with satisfactory results for the most part.

"With all these advances in the different strategic lines defined by the company, financial results have been improving, achieving positive EBITDA in the last few months. These results are expected to improve further with the improvements and projects that are to come and debt repayment is expected to start next year". Says Mr. Gonzalo de Losada, president and CEO of the company.

Readers should also be cautioned that the Corporation's decision to move forward with the construction and production of the Cisneros 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 Corporation 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 Corporation's management, the Corporation 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 Corporation'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 Corporation'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 Corporation's future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.

Qualified Persons

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.

For further information contact:
Antioquia Gold Inc.
Tel: 1-800-348-9657 (Canadá)
Email:
www.antioquiagold.com

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 press release.

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 Corporation 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 Corporation 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 Corporation'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.

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