Candelaria Mining Corp. (TSXV:CAND, OTC PINK:CDELF) (the
“
Company”) has filed a National Instrument 43-101
Technical Report regarding the preliminary economic assessment
(“PEA”) for its Pinos Gold Project (“Pinos”), which was announced
on September 13, 2018. The Pinos project is located at 140
kilometers east of the capital Zacatecas in the state of Zacatecas,
Mexico. The project is district scale consisting of twenty-nine
contiguous mining claims and covering 3,816 hectares, with easy
access to infrastructure, labour and supplies.
The technical report is available for download
on SEDAR at www.sedar.com and on the Company’s website at
www.candelariamining.com.
Technical Information
Mineral resources referenced herein are not
mineral reserves and do not have demonstrated economic viability.
Mineral resource estimates do not account for mineability,
selectivity, and mining loss but do include a dilution factor of
10%. The mineral resource estimates include inferred mineral
resources that are normally considered too speculative geologically
to have economic considerations applied to them that would enable
them to be categorized as mineral reserves. There is also no
certainty that these inferred mineral resources will be converted
to measured and indicated categories through further drilling, or
into mineral reserves, once economic considerations are
applied.
The Company cautions that a PEA is preliminary
in nature and that it relies upon mineral resource estimates which
have the considerations noted above applied to them. There is
no certainty that the PEA will be realized or that any of the
resources will ever be upgraded to reserves.
Mr. Jose Antonio Olmedo, Eng. Geol. MSc. is an
Independent Consultant, located in Mexico City, Mexico, who is an
“Independent Qualified Person” as defined by NI 43-101 and the lead
person responsible for completing the Pinos resource has reviewed
this press release as it relates to the Pinos project.
Mr. David Salari, P.Eng. of DENM Engineering
Ltd. located in Oakville , Ontario, Canada, who is an “Independent
Qualified Person” as defined by NI 43-101 and the lead person
responsible for reviewing the metallurgical work for the Pinos
resource has reviewed this press release as it relates to the Pinos
project and has overseen the metallurgical and recovery methods and
infrastructure.
ON BEHALF OF THE BOARD,
Curtis TurnerChief Executive Officer
For further information, please contact:
Investor RelationsEmail:
info@candelariamining.comPhone: 604-349-5992
Quality Assurance and Quality Control
(QA/QC)
Preparation and assaying of samples from
Candelaria's Pinos project are done with strict adherence to a
Quality Assurance/Quality Control (QA/QC) protocol. The custody of
the samples are in charge of ALS Minerals from project to the ALS
Minerals' preparation facility in Zacatecas, Zacatecas, Mexico.
Quality-control (QC) samples are inserted in the sample stream
every 20 samples. QC samples include standards and blanks. Sampling
analysis certificates, halved drill cores, chip samples
and rejects are stored for future checking and control
purposes.
About Candelaria Mining
Candelaria Mining is a Canadian-based gold
development and exploration company with a portfolio of highly
prospective projects in Mexico, one of the world’s best mining
jurisdictions. Candelaria’s 100% owned Caballo Blanco Project hosts
NI 43-101 Indicated Resources of 521,000 ounces of gold and
2,170,000 ounces of silver (31,220,000 tonnes grading 0.52 g/t gold
and 2.16 g/t silver) and Inferred Resources of 95,000 ounces of
gold and 590,000 ounces of silver (8,630,000 tonnes grading 0.34
g/t gold and 2.14 g/t silver). Potential exists to increase these
estimated resources through continued drilling and exploration. For
more information on resource estimates, please see the Company’s
website, www.candelariamining.com.
Cautionary Note Regarding
Forward-looking Statements
This press release contains certain
“forward-looking statements” and “forward-looking information”
under applicable Canadian securities laws concerning the business,
operations and financial performance and condition of Candelaria
Mining Corp. (“Candelaria” or “Candelaria Mining”). Forward-looking
statements and forward-looking information include, but are not
limited to, statements with respect to estimation of mineral
resources at mineral projects of Candelaria; the realization of
mineral reserve estimates; the timing and amount of estimated
future production; economics of production; success of exploration
activities; estimated production and mine life of the various
mineral projects of Candelaria; the future price of gold and
silver; synergies and financial impact of completed acquisitions;
the benefits of the development potential of the properties of
Candelaria and currency exchange rate fluctuations. Except for
statements of historical fact relating to Candelaria, certain
information contained herein constitutes forward-looking
statements. Forward-looking statements are frequently characterized
by words such as “plan,” “expect,” “project,” “intend,” “believe,”
“anticipate”, “estimate” and other similar words, or statements
that certain events or conditions “may” or “will” occur.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are based on
a number of assumptions and subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. Many of these assumptions are based on
factors and events that are not within the control of Candelaria
and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary
materially from results anticipated by such forward-looking
statements include variations in metal grades, changes in market
conditions, variations in recovery rates, risks relating to
international operations, fluctuating metal prices and currency
exchange rates, changes in project parameters, the possibility of
project cost overruns or unanticipated costs and expenses, labor
disputes and other risks of the mining industry, failure of plant,
equipment or processes to operate as anticipated.
These factors are discussed in greater detail in
Candelaria's most recent Management Discussion and Analysis filed
on SEDAR, which also provide additional general assumptions in
connection with these statements. Candelaria cautions that the
foregoing list of important factors is not exhaustive. Investors
and others who base themselves on forward-looking statements should
carefully consider the above factors as well as the uncertainties
they represent and the risk they entail. Candelaria believes that
the expectations reflected in those forward-looking statements are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements
included in this press release should not be unduly relied upon.
These statements speak only as of the date of this press release.
Candelaria undertakes no obligation to update forward-looking
statements if circumstances or management’s estimates or opinions
should change except as required by applicable securities laws.
Although Candelaria has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be anticipated, estimated or
intended. Statements concerning mineral resource estimates may also
be deemed to constitute forward-looking statements to the extent
they involve estimates of the mineralization that will be
encountered if the property is developed.
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