Press release sent by MinexCorp on the Vereda Guayaquil Mining Project.
“We are pleased to share with you our first quarter 2023 report, which reflects the steady progress of our mining company and our optimistic outlook for the future.
Although we have not yet reached profitability, we have experienced steady growth in recent months. During this quarter, we have efficiently processed and recovered gold, with recovery rates above 87% in every month. This progress brings us closer to profitability so that the anticipated profits will be posted to each unitholder’s account by the time profits are realised.
So far, we have funded our business through three successful contribution campaigns (classic, gold and gold3), each of which has provided vital funds for the development and expansion of our operations. Thanks to the work in progress, the value of the project has increased significantly, resulting in a substantial increase in the value of the shares distributed compared to the original value. We are grateful for your continued support, and are pleased to report that your contribution remains valuable and well managed, reflecting the growth and potential of the project, even though we have not yet reached operating profitability.
During this quarter, we have increased our working days per month, demonstrating our commitment to improving efficiency and optimising operations. In January, we worked 11 days, while in February we increased to 16 days and in March we reached 27 days of work.
This increase in days worked has allowed the processing of a total of 1,035.36 tonnes of material, with an evolution in tenor from 2.7 grams per tonne in January to 1,532 grams per tonne in March.
Despite our efforts and the achievement of revenues of $50 per gram of gold recovered, we have been able to verify that our monthly costs actually exceed the estimated 45%, indicating that we have not yet reached profitability.
Our current focus is on improving efficiency and expanding our operations. The latest raise, gold3, has allowed us to expand the plant and access new areas of high ore and additional materials, which will allow us to process more material in less time. Despite some construction delays, we continue to work tirelessly to optimise our plant and continue mining development.
Although we have not yet reached profitability, we are convinced that our focus and the commitment of our team will lead us to reach our financial targets. Thank you for your support and confidence in our project.
We will continue to work hard to generate profits and ensure a strong and successful future for our company.”
First Quarter 2023 in data
Progress at the mine
- We are currently carrying out the apique, which is a very complex task because it is a work downwards. Once we finish this apique, which is being done by an external company. When this apique is finished, we will enter a new area.
- We were working on the old workings, we were following a vein that was lost but our data says that the vein was still there. We did some drilling to see where to continue, we are already in the vein and we have found the vein with a thickness of 15-20 cm.
Progress at the plant
All the material needed for the plant is in place, the cone crusher has been a logistical problem due to its size and access to the mine.
The filter press is being installed at the moment, when this is finished the plant will be ready to produce many tonnes. The mill is also on its way, it comes in three containers which makes it easier to transport to the mine.
No profit has been made in the financial year 2022.
What has been done with the enlargement money?
At the mine we expect to finish the pit this month, at the plant we expect to get 50T per day. We will increase the tenor to 4 grams, although we expect it to be more.
We hope that by July, August all the machinery will be finished and assembled.
In the mine we are still working with all the panels, and we expect to reach 100T in August.