November 15, 2016 @ 10:20 am
AURYN is pleased to provide the following update regarding mining operations for the Caren Mine at the Altos de Lipangue Project.
As previously disclosed at the AURYN Informational Meeting, production mining operations began the end of September with AURYN submitting the appropriate filings upon reaching the main vein on level 3 of the Merlin 1 vein.
We have taken a conservative, methodical approach in order to assess the best way to mine what appears to be a complex system of veins, not all of which are economical. Progress has been steady as we work through normal issues that must be overcome before we attempt to scale mining operations.
We are engaging independent consultants to conduct a full granulometric analysis and finalizing the paperwork necessary to begin ore shipments for processing. As announced at the Informational Meeting, our plan is to ship three truckloads of vein material for test production runs. We expect this to be accomplished by the end of November 2016.
We will not make our goal of producing 5,000 ounces in 2016, however, we do expect to be cash flow positive by year-end. We will provide a more detailed update with the results from our test shipments once they are available and will inform our shareholders when we achieve consistent production.
Submitted on behalf of AURYN Management.
The information in this notification contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
The Company’s forward-looking statements are based on management’s current expectations and assumptions regarding the Company’s business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances.
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