Starcore International Mines Ltd. reports its pre-production results from the Altiplano Plant located in Matehuala, Mexico.
The Company previously reported on February 15th, 2016 that it had poured its first doré bar, weighing in at 21.131 kg., from purchased precipitates (see News Release dated February 29th, 2016). Since then, the plant has been receiving concentrate deliveries to test the full facilities of the plant and procedures. To date, the Company has processed over 90 tonnes of concentrate purchased from 3 different suppliers to produce 40.16 kg of metal doré bars, which included 2.01kg of gold and 38.15kg of silver.
"We have proven the ability to process various types of concentrate and expect to do this profitably with a consistent supply of concentrates and production," said Robert Eadie, President of the Company. "Having tested concentrates received from 14 different suppliers, we are currently negotiating concentrate purchase agreements for the best quality concentrate that will bring a consistent supply. As stated before, we see the Altiplano Plant as a synergistic cash-flow producing arm of the Company, growing our asset base for our shareholders."
The doré bars were shipped to a refinery and sold at spot rates for gold and silver at the time of shipment. All proceeds of sales have been capitalized to the development costs of the facility, in accordance with accounting standards, until such time as Altiplano is receiving consistent supply of concentrates and is achieving consistent operating results.
Located within a historic mining district in an area that is home to numerous medium-sized mining operations, the Altiplano Plant is a newly designed facility that has the best equipment and operations team to offer an accessible leaching process to miners and concentrate producers.