Aurcana Reports 55% Increase in Silver Equivalent for First Quarter 2014
April 7, 2014
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 7, 2014) - Aurcana Corporation ("Aurcana" or the "Company") (TSX VENTURE:AUN)(OTCQX:AUNFF) is pleased to report the Q1 2014 production results of 360,790 ounces silver compared to 310,554 in Q1 2013. Silver production for the first quarter of 2014 increased 16% compared to Q1, 2013. Silver Equivalent increased 55% to 919,989 in Q1 2014, compared to 592,504 in Q1 2013, the largest quarter for silver equivalent production in Aurcana's history.
Mr. Lenic Rodriguez, Aurcana's President & CEO, said, "We continue to improve operations at La Negra and with the 55% increase in silver equivalent production in Q1 2014 we are currently on track to achieve the 2014 goals of between 3.75 to 4.1 million ounces of silver equivalent, a potential increase of more than 40% over 2013."
LA NEGRA FIRST QUARTER PRODUCTION HIGHLIGHTS
Total silver equivalent production was 919,989 ounces in Q1 2014, a 55% increase over Q1 2013 and a 26% increase over Q4 2013.
Total ore milled was 257,139 tonnes in Q1 2014, a 51% increase over Q1 2013.
The silver grade in Q1, 2014 averaged 55 g/t, compared to 71 g/t in Q1 2013.
The Company's production guidance for 2014 is between 3.75 and 4.1 million silver equivalent ounces, an increase of between 30% to 42% over 2013. This can be achieved by increasing average mill head grade to 65 g/t Ag, and by maintaining a milling throughput of 3,000 tonnes per day.
LA NEGRA MINE UPDATE
During Q1 2014, the La Negra mill averaged 3,033 tonnes per day (tpd), an increase of 40% over Q1 2013. Mill throughput increased significantly as the new copper concentrate filter press came online. La Negra continues to perform above expectations and with outstanding milling performance in Q1 2014.
La Negra continued to mine accessible higher grade copper and zinc zones during Q1 2014, resulting in 69% more zinc and 56% more copper concentrate compared to Q1, 2013. La Negra reached the anticipated production rate of 3,000 tpd in Q1 2014 and we expect the rate to be maintained or increased through the rest of 2014. In Q1 2014, mine development continued accessing new areas that will assist in sustaining the higher production rates in the future. A larger proportion of ore was sourced from the new development headings. In Q2 2014, the Company plans to access the higher silver grade mineralized zones in the upper levels of the La Negra mine with new mine equipment, together with ore pass and ventilation raise development that will commence upon receipt of raise boring equipment.
Aurcana is continuing to review re-financing options from MF2 Investment Holding Company (Cayman) Limited, part of Orion Mine Finance Fund I.
About Aurcana Corporation
Aurcana Corporation is a primary silver producing company with two properties: the La Negra Mine in Mexico and the Shafter Mine in Texas, US. The latter was put on care and maintenance in December 2013, in part due to depressed silver prices. The Company continues to plan further expansion at its La Negra Mine and to focus on surface exploration on its extensive land holdings in the Maconi Mining District.
The Company's shares are also traded in the United States on OTCQX under the symbol "AUNFF". Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcqx.com and www.otcmarkets.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
Lenic Rodriguez, President & CEO
The technical information in this release has been reviewed by J. Blackwell (PGeo.), a Qualified Person as defined by National Instrument 43-101.
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.
This news release contains certain forward-looking statements, including statements regarding future development and operational activities at the La Negra Project. These statements are forward-looking statements that involve various risks and uncertainties.
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 general economic conditions, including in particular metals prices, changes in the availability of funding for mineral exploration and development, the ability of the Company to pay its debts as they become due, risks related to international operations, 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, and unanticipated changes in key management personnel. 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.
Aurcana Corporation Lenic Rodriguez President & CEO (604) 331-9333 or Toll Free: (866) 532-9333 (604) 633-9179 (FAX) firstname.lastname@example.org www.aurcana.com