Xiana produces 1.44 Mlb Cu in concentrate in 45 days XIANA REPORTS 45 DAY PRODUCTION AND OPERATIONAL RESULTS
Xiana Mining Inc. has released its operating results for the period ended Dec. 31, 2018. Xiana completed the acquisition of Minera Altos de Punitaqui ("MAP") on 13 November 2018 and has had full operational control since that date. The operational results outlined below cover the period of operations from 14 November 2018 to 31 December 2018.
Production for the 45 day period totalled 1.44mlbs of copper in concentrate (copper equivalent terms).(1) Production for the month of December 2018 was up 31% vs actual average monthly 2018 year to date production under previous ownership. (2)
Commenting on the production and operational results, Carlos Ballon, Chairman & CEO said: "December 2018 was our first full month of operational control and we are pleased with the operating performance at MAP for the 45 day period. We continue to stabilise operations and move towards improved profitability in the short term. In the upcoming year we continue to focus on increasing plant throughput, working towards further operational cost reductions and increasing production levels through development of mine properties within our portfolio. We continue to believe in the significant upside potential at MAP and are working towards creating a mid-tier copper producer with healthy cash flow in the medium term".
45 day Operational Highlights
Production of a total of 1.44mlbs of copper in concentrate (copper equivalent terms). (1) Full December 2018 month production of 1.09mlbs, +31% vs actual average monthly 2018 year to date production of 833klbs(2)
Total tonnes processed: 119,192 tonnes. Tonnes processed for December 2018 of 84,563t, +34% vs actual average monthly 2018 year to date processing of 62,886t (2)
Head grade: Average copper equivalent (1) head grade: 1.08%. Head grade for December 2018 of 0.92% (19%) vs actual monthly 2018 year to date head grade of 1.13% (copper equivalent terms)(1)(2) driven by one-off oxide ore
Plant recoveries: Average plant recoveries: Cu: 72.6%, Ag: 66.0%, Au: 59.5%. Copper
Recovery for December 2018 of 73.3%, (5)% vs actual 2018 year to date recovery of 76.3%(2)
Unit Cost Milled: Average: US$40.5/tonne. Unit cost milled for December 2018 of
US$34.4/t, (37%) vs actual monthly 2018 year to date unit cost of US$54.7/t(2)
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Robert Baxter (FAusIMM), a Director of Xiana Mining Inc. and a qualified person as defined by National Instrument 43-101. Mr. Baxter is not independent of the Company.
Notes: (1) Copper Equivalent Terms computed on the basis of metal pricing: Copper: US$6,173/tonne, Au: US$1,250/oz and Ag: 18.5/oz (2) Figures presented on the basis of historical information from MAP for the period 1 January 2018 13 November 2018, Xiana does not assume any responsibility for historical operating information as this was under prior ownership with Glencore
About Xiana Mining Inc.
Xiana Mining is a TSX Ventures Exchange listed mining company focused on its producing operations and development properties in Region IV, Chile. Xiana acquired ownership of 100% of Minera Altos de Punitaqui ("MAP") from Glencore plc in November 2018. MAP is comprised of four producing copper-gold mines, a 3,600 tpd concentrator and associated infrastructure.
Since the closing of the acquisition, Xiana has quickly moved towards executing an optimisation plan aimed at reducing costs, extending mine life and improving profitability.
MAP owns a total land package of 11,838 hectares in Region IV comprised of exploration and exploitation concessions. Xiana is focussed on proving up the district scale potential of MAP's properties which will continue to provide sustainable feed for the concentrator and provide sustainable and increased production growth in the medium term at low cash costs.
Xiana is also engaged in the ongoing evaluation of producing and development stage mineral resource opportunities on an ongoing basis. The Company's common shares are listed on the TSX Venture Exchange under the symbol XIA. For more information about the company please visit www.xianamining.com
We seek Safe Harbor.