EDMONTON, January 23rd, 2023 – Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) (“Altiplano” or the “Company”) is pleased to provide a summary of the Company’s activity in 2022 and forward-looking activities for 2023 from the Company CEO Alastair McIntyre.
Happy New Year to our shareholders, stake holders, service providers and followers of Altiplano Metals Inc. I wish you the best for 2023 and thank you for your continued support. 2023 is shaping up to be an exciting year of new milestones and company growth.
Farellon – Iron Oxide Copper-Gold Mine in Review
Altiplano’s focus in 2022 was the continuing development of Farellon and the building of the processing facility located at El Peñón, 15 kilometres from the mine site. Farellon had an excellent 2022 with output hitting numerous monthly and quarterly milestones including record revenues, grade, and production. Revenue in 2022 (after processing costs) generated approximately US$3.25 million (C$4.42 million) from the sale of approximately 1.2 million pounds of copper with an average grade of approximately 2.0 %. This is an excellent result considering global copper production grade is approximately 0.55%. With expanded development work we were able to produce approximately 4,000 tonnes per month on average with further production improvements noted over the last 5 months of the year with August reaching 5,000 tpm.
In early 2023, we expect further improvements at Farellon by completing the widening of the Hugo Decline to provide access for specialized haulage trucks. This will create the opportunity to increase our ongoing monthly production and create the necessary infrastructure for future expansion plans. These operational improvements combined with the output from the El Peñón mill processing facility sets up APN for improved revenue and a banner year in 2023 and beyond.
Figure 1. Comparative Monthly Review of Farellon Output (2021-2022)
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