Sierra Metals Announces 13-day Extension to the Suspension of Its Yauricocha Mining Operations in Accordance With the Governm...
March 27 2020 - 7:07AM
Business Wire
Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS)
(“Sierra Metals” or the “Company”) announced
that the Peruvian government has extended the state of emergency by
an additional 13 days to contain the advancement of COVID-19 virus.
Non-essential businesses are required to be shut down and travel
remains restricted within the country. As a result of this
extension of the declaration, the Company will only maintain an
essential services crew at site until April 12, 2020 at which time
the Company anticipates resuming normal production levels at the
Mine.
Igor Gonzales, President, and CEO of Sierra Metals, commented,
“A smaller workforce will be maintained to oversee critical aspects
of the operation, with the primary goal of facilitating a quick and
efficient ramp up back to normal levels once the regional situation
improves and state of emergency is lifted. Our team continues to be
focused on the health and safety of our workforce. The Company also
expects the government processes related to permitting applications
to be deferred during this state of emergency.”
Production can recommence very quickly, and the Company has the
operating flexibility to temporarily run the ore processing mill
above the 3,150 tonne per day capacity, which should help
Yauricocha recover lost ore tonnages from this stoppage.
Due to uncertainty of the effect that the COVID-19 Pandemic
could have on the Company’s operations and financial condition and,
rapidly changing developments, the Company is currently
implementing proactive and reactive mitigation measures to minimize
any potential impacts COVID-19 may have on our people, communities,
operations, supply chain, and finances. This also includes
preserving capital and deferring capital programs where
appropriate, to improve liquidity. The Company is maintaining its
guidance due to its operating flexibility at Yauricocha in Peru and
the normal operations of its Mexican mines at this moment. If
material changes occur the company would update its guidance
promptly and expects to provide a more comprehensive update with
more data points on metal prices and operating developments as part
of the Q1 2020 reporting process.
About Sierra Metals
Sierra Metals is a Canadian based growing polymetallic mining
company with production from its Yauricocha Mine in Peru, and it's
Bolivar and Cusi Mines in Mexico. The Company is focused on
increasing production volume and growing mineral resources. Sierra
Metals has recently had several new discoveries and still has
additional brownfield exploration opportunities at all three Mines
in Peru and Mexico that are within or close proximity to the
existing Mines. Additionally, the Company has large land packages
at all three Mines with several prospective regional targets
providing longer term exploration upside and mineral resource
growth potential.
The Common Shares trade on the Bolsa de Valores de Lima and on
the Toronto Stock Exchange under the symbol “SMT” and on the NYSE
American Exchange under the symbol “SMTS”.
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Forward-Looking
Statements
This press release contains “forward-looking information” and
“forward-looking statements” within the meaning of Canadian and
U.S. securities laws related to the Company (collectively,
“forward-looking information”). Forward-looking information
includes, but is not limited to, statements with respect to the
Company’s operations, including anticipated developments in the
Company’s operations in future periods, the Company’s planned
exploration activities, the adequacy of the Company’s financial
resources, and other events or conditions that may occur in the
future. Statements concerning mineral reserve and resource
estimates may also be considered to constitute forward-looking
statements to the extent that they involve estimates of the
mineralization that will be encountered if and when the properties
are developed or further developed. These statements relate to
analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions of management. 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”,
“potential” 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 information.
Forward-looking information is subject to a variety of risks and
uncertainties, which could cause actual events or results to differ
from those reflected in the forward-looking information, including,
without limitation, the risks described under the heading “Risk
Factors” in our Annual Information Form dated March 28, 2019 in
respect of the year ended December 31, 2018 and other risks
identified in the Company’s filings with Canadian securities
regulators and the U.S. Securities and Exchange Commission, which
filings are available at www.sedar.com and www.sec.gov,
respectively.
The risk factors referred to above is not exhaustive of the
factors that may affect any of the Company’s forward-looking
information. Forward looking information includes statements about
the future and are inherently uncertain, and the Company’s actual
achievements or other future events or conditions may differ
materially from those reflected in the forward-looking information
due to a variety of risks, uncertainties and other factors. The
Company’s statements containing forward-looking information are
based on the beliefs, expectations and opinions of management on
the date the statements are made, and the Company does not assume
any obligation to update forward-looking information if
circumstances or management’s beliefs, expectations or opinions
should change, other than as required by applicable law. For the
reasons set forth above, one should not place undue reliance on
forward-looking information.
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For further information regarding Sierra Metals, please visit
www.sierrametals.com or contact: Mike McAllister VP,
Investor Relations Sierra Metals Inc. +1 (416) 366-7777
info@sierrametals.com Ed Guimaraes CFO Sierra Metals Inc. +1
(416) 366-7777 Igor Gonzales President & CEO Sierra
Metals Inc. +1 (416) 366-7777
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