VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 4, 2013) - Aurcana Corporation ("Aurcana" or the "Company") (TSX VENTURE:AUN)(OTCQX:AUNFF) is pleased to report the appointment of Mr. David Drips as General Manager for the Shafter Mine.
Mr. Drips, a graduate mining engineer from the Colorado School of Mines, brings over 35 years of experience in the mining industry in both surface and underground precious metal mines in North, Central and South America. He has held several senior mine management positions bringing needed change and improvements in safety and operational effectiveness.
Mr. Drips' professional experience includes: Vice President Operations for Yukon-Nevada Gold Corp.; General Manager for Breakwater Resources Ltd.'s El Mochito Mine in Honduras; Vice President of Mexico Operations for Endeavor Silver Corp.; Director General of Plata Panamericana for Pan American Silver Corp.; Director General of Minera Cosala for Scorpio Mining Corporation; Manager of Surface Operations for American Mine Services; General Manager Jullietta Mine in Far Eastern Russia for Bema Gold Corporation; General Manager of La Camorra Mine in Venezuela for Hecla Mining Company; and founder/president of Intermountain Mine Services & Mineral Resources Engineering, which specialized in coal and hard rock underground mine development and construction.
Prior to joining Aurcana, Mr. Drips was Vice President and General Manager of the Velardeña operations for Golden Minerals Company.
"Mr Drips brings significant technical and management expertise to our Shafter operation, and Aurcana is especially pleased to have someone of Mr Drips' calibre join the Company", says Lenic Rodriguez, Aurcana's President and CEO.
The Company also wishes to provide an update on the latest status of the Shafter Mine.
In the course of the next 90 days the Shafter Mine will continue to implement a number of improvements to its mill and processing plant, while key replacement components are received and installed. These include the replacement of the mill's bull and pinion gears. The Company is now focusing all its efforts and resources in completing the necessary changes.
Shafter Mine Status
- Operation of the Shafter Mine's mill has been suspended pending replacement of the bull and pinion gear set. The replacement parts are on order and are due to arrive on site in late Q4 2013. A new ball mill motor has also been ordered and is expected to arrive on site before the end of 2013 while the old motor is being reconditioned for use as a spare.
- Decline development and underground diamond drilling continue with supplemental drilling resources being retained in early November 2013 to better define mining targets.
- Construction and modifications to the plant to ensure sustained nameplate production throughput of 1,500tpd by mid-year 2014 are continuing. Concurrently, maintenance work is being performed on the existing plant to reduce downtime in the coming months.
- A new custom built retort, furnaces and associated dust collection systems are expected to be installed and operational before the end of 2013.
- Three new precipitate filter presses have already been installed in the refinery and will be commissioned as soon as the ball mill is restarted.
- Construction for the counter current decantation (CCD) circuit and new primary thickener has started. It is anticipated these units will be fully operational during Q2 2014.
- Non-essential staff have been temporarily suspended until milling and mining operations resume. Shafter continues focused searches for technically competent personnel to complement the existing staff.
About Aurcana Corporation
Aurcana Corporation is a primary silver producing company with two mines: the La Negra Mine in Mexico and the Shafter Mine in Texas, US. The Company is positioned to grow organically from its existing mines to become a senior silver producer.
Corporate
The Company's shares are also traded in the United States on OTCQX under the symbol "AUNFD". Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcqx.com and www.otcmarkets.com.
Lenic Rodriguez, President & CEO
AURCANA CORPORATION
Mr Andrew Kaczmarek a qualified person (as defined in National Instrument 43-101) and the Company's Chief Operating Officer, has reviewed and approved the scientific and technical information contained in this release.
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 release.
NR-13-34
This news release contains certain forward-looking statements, including statements regarding mill throughput rates at the Shafter mine, the timing of upgrades and repairs at the Shafter project, potential mineralization, exploration results, future plans and objectives of the Company and the business and anticipated financial performance of the Company. These statements are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. Estimates of future mill throughput at the Shafter project are based on the following factors and assumptions: (i) that mine development and successful intersection of predicted ore zones yield the necessary feed to the process facilities; (ii) that equipment availability and repair parts allow for planned runtimes to achieve the necessary production levels; (iii) that no catastrophic equipment failures occur; (iv) that no power interruptions or shortages are suffered; (v) that no delays are encountered in the receipt, installation and commissioning of mine and plant equipment necessary to achieve and sustain the planned production levels; and (vi) that the requisite number of qualified experienced personnel are hired and retained.
Exploration results that include geophysics, sampling and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classified as a category of mineral resource. A mineral resource which is classified as "inferred" or indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category of resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable reserves.
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" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.
Actual results may differ materially from results contemplated by the forward-looking statements. Important factors that could differ materially from the Company's expectations include, among others, risks related to international operations, unsuccessful exploration results, the ability of suppliers to provide equipment, the availability of skilled labour, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf, except as required pursuant to applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements.