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Salt Lake City, Aug. 28, 2019 (GLOBE NEWSWIRE) -- Inception Mining, Inc Announces Mid-Quarter Production Results
Mid-Q3 numbers show increase of 400% over Q3 2018, and YTD results 30% higher than 2018
Salt Lake City Utah, August 28, 2019 (GLOBE NEWSWIRE)
Inception Mining Inc. (OTCQB: IMII) (the “Company”) reported today preliminary production results of 975 ounces of gold and 272 ounces of silver for the first 45 days of the third quarter, from July 1, 2019 through August 14, 2019.
Production from the Company’s Clavo Rico project totaled 2,508 ounces of gold and 960 ounces of silver YTD at the time of this release. The mid-quarter numbers show an increase of 400% over Q3 2018/mid-Q3 2018, and the YTD figures reflect growth of 30% over the same time last year/higher than the total production volume from 2018.
The Company also announced that it maintains plans to increase production outlook, with the expanded operations of the Clavo Rico project in Honduras commencing after a 24-month process, and the partnership with Glen Eagle Resources (TSX-V: GER) allowing the Company to accelerate its production through the toll processing agreement signed in May 2019.
Trent D’Ambrosio, CEO of Inception Mining, stated, “Inception’s 2019 gains are a direct result of our commitment to continually monitor, evaluate and improve our extraction operations, which we have accomplished without losing sight of development and exploration opportunities to sustain our future momentum. We believe our continued production growth and expansion as illustrated by these mid-quarter numbers and will raise Inception’s profile as an efficient, high-margin producer of gold and silver.
Full financial results for Q2 2019 are available in the report on Form 10-Q filed with the Securities and Exchange Commission.
About Inception Mining, Inc.
Inception Mining Inc., a Nevada corporation, is engaged in the acquisition, exploration, and development of gold projects in Central and North America. Inception’s core asset is the Clavo Rico gold project in Honduras, which features a heap leach facility and on-site ADR plant.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and information within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of exploration programs, anticipated exploration program results and the timing thereof, the discovery and delineation of mineral deposits/resources/reserves, the potential for the identification of multiple deposits in the Project area, the potential for a low capex and/or opex heap leach mine operation, the potential for a production decision to be made, the potential commencement of any development of a mine following a production decision, the potential for any mining or production, the potential for additional resources to be located between certain of the existing deposits, business and financing plans and business trends, are forward-looking statements. Information concerning mineral resource estimates are deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered, and the results of mining it, if a mineral deposit were developed and mined. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, significant increases in the cost of labor, materials, equipment and supplies required to develop and operate any mine, the Company's inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's latest filings with the SEC. All of the Company's public disclosure filings may be accessed via www.sec.gov and readers are urged to review these materials with respect to the Company's mineral properties.
Cautionary Note Regarding References to Resources and Reserves
National Instrument 43 101 - Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all resource estimates contained in or incorporated by reference in this press release have been prepared in accordance with NI 43-101 and the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resource and Mineral Reserves, adopted by the CIM Council on November 14, 2004 (the "CIM Standards") as they may be amended from time to time by the CIM. While the Company is not listed on any Canadian exchange or subject to NI 43-101, and the Technical Report will not be filed with any Canadian authorities, it elected to have the 43-101 report completed for informational, voluntary purposes. United States shareholders are cautioned that the requirements and terminology of NI 43-101 and the CIM Standards differ significantly from the requirements and terminology of the SEC set forth in the SEC's Industry Guide 7 ("SEC Industry Guide 7") and Subpart 1300 of Regulation S-K. Accordingly, the Company's disclosures regarding mineralization may not be comparable to similar information disclosed by companies subject to SEC Industry Guide 7 or Subpart 1300 of Regulation S-K. Without limiting the foregoing, while the terms "mineral resources", "inferred mineral resources", "indicated mineral resources" and "measured mineral resources" are recognized and required by NI 43-101 and the CIM Standards, they are not recognized by the SEC and are not permitted to be used in documents filed with the SEC by companies subject to SEC Industry Guide 7. These definitions also differ from the requirements of the disclosure and technical report requirements of Subpart 1300 of Regulation S-K, which the Company will fully comply with according to the SEC’s required timeline of the fiscal year following January 1, 2021. Mineral resources which are not mineral reserves do not have demonstrated economic viability, and US investors are cautioned not to assume that all or any part of a mineral resource will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility study, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant "reserves" as in-place tonnage and grade without reference to unit amounts. The term "contained ounces" is not permitted under the rules of SEC Industry Guide 7. In addition, the NI 43-101 and CIM Standards definition of a "reserve" differs from the definition in SEC Industry Guide 7. In SEC Industry Guide 7, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made, and a "final" or "bankable" feasibility study is required to report reserves, the three-year historical price is used in any reserve or cash flow analysis of designated reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements with respect to the potential mineralization and geological merits of the Company properties. There can be no assurance statements will prove to be accurate and actual results and future events could differ materially from anticipated in such statements.
Inception Mining Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events except as required by applicable securities legislation.
SOURCE: Inception Mining Inc.
(OTC QB: IMII)
5330 South 900 East, Suite 280
Salt Lake City, Utah 84117
Trent D’Ambrosio CEO
(801) 312-8113 Ext. 101