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Aurcana Reports Dramatic Increase in Silver Production from La Negra Mine

Aurcana Corporation is pleased to report a 54% increase in silver production from the La Negra mine for Q3 2012 of 376,687 ounces compared to 244,243 ounces in Q3 2011, making it the largest quarter for silver production in Aurcana's history.

Total silver Equivalent increased 67% to 718,063 oz. for Q3 2012, compared to 430,090 oz. in Q3 2011. Year to date silver was up 40% to 1,037,210 oz. in 2012 YTD, compared to 742,026 oz. in 2011 YTD.

Mill feed was 196,843 tonnes in Q3. 57% (112,781 tonnes) was mined from NI 43-101 Measured and Indicated Resources and 43% (84,062 tonnes) was mined from new discoveries or non-compliant resources. La Negra is now applying 43-101 standards in developing new mineralized zones to increase our compliant resources. A new compliant resource estimate has been released on August 28, 2012 and the technical report was filed on Sedar on Oct 10, 2012.

La Negra Highlights

  • Aurcana continues to produce record results. Q3, 2012 silver production was the largest silver volume in Aurcana's history producing 54% more silver than in Q3, 2011.
  • Silver sales increased to 323,825 oz. in Q3 2012 compared to 235,981 oz. in Q3 2011, an increase of 37%.
  • The average grade of silver increased 7% YTD to an average of 80 grams per ton in 2012, compared to 75 grams per ton in 2011.
  • La Negra mine is now milling at a rate greater than 2,300 tpd.
  • The mill upgrade expansion to 3,000 tpd is expected to be completed during 1st quarter 2013 with minimal capital expenditures.
  • Underground and surface exploration programs at La Negra are progressing according to the plan and continue to provide encouraging results.

Shafter Mine Update

The Company commissioned the Mill at Shafter on April 1, 2012. The commissioning and testing phase is currently underway at Shafter Mine working towards achieving commercial production in Q4 2012.

Updates include:

  • Commencement of commercial production is expected in Q4, 2012.
  • Technical, management and capital resources are focused on the Shafter Mine in order to allow commencement of commercial production.
  • Mine personnel recruitment and miners training is progressing as planned.
  • Mine site development is continuously advancing.
  • The Shafter surface exploration program continues to evaluate extensions of the main Shafter mineralized horizon and to search for evidence of a deeper mineralized zone.

Summary

During Q3 2012, La Negra achieved very good results in silver production setting another record for the largest quarter of silver production. La Negra increased mill production capacity to 2,500 tpd on April 2012. The Shafter mill was commissioned on April 1, 2012. Aurcana expects to announce commencement of commercial production at Shafter in Q4 2012. Aurcana continues to focus on its future growth.

Source: http://www.aurcana.com

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