Vancouver, BC – November 19, 2020 — Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (the “Company” or “Kuya”) is pleased to announce that it has engaged Mining Plus to conduct a preliminary economic assessment on the Bethania silver mine project, in addition to completing a detailed engineering design of the development, for an expansion to a production rate of 350 tons per day.
Mining Plus is an international mining services provider with offices around the world including Canada, the United States, Australia, and Peru. The Mining Plus mandate consists of two components, both of which are critical for the expansion of the Bethania silver mine. Mining Plus will be completing a detailed design for underground mining at the project. Prior to Kuya’s involvement, the mine reached a production rate of 100 tpd with limited access to capital. While the desktop engineering will start right away, completion of the mandate is contingent on the completion of Kuya’s initial drill program and reporting of a National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) resource estimate.
The second part of the mandate is to complete a preliminary economic assessment (“PEA”) on the Bethania silver mine expansion project to a NI 43-101 standard. In addition to integrating the mine design (mentioned above) into the assessment, Mining Plus may subcontract parts of the PEA to other qualified firms including Klohn Crippen Berger (tailings design, dump and stockpile engineering, groundwater) and M3 Engineering & Technology (process plant review).
Concurrently, Kuya intends to execute a 5,000 m drill program focused on improving confidence in zones close to the existing mine workings. The goal of this initial program is to report a resource estimate to a NI 43-101 standard, as well as testing extensions to the known veins along strike and at depth. The data and modelling obtained from this drill program will also be incorporated into the PEA and engineering design.
David Stein, President & CEO, stated, “Kuya is very pleased to initiate this engineering partnership with Mining Plus to assist us in designing and developing the Bethania silver mine expansion project. Besides the expansion itself, Kuya expects that a professional mine design will provide many other benefits, including improvement of safety standards, ventilation, working conditions, productivity and better integration with the planned flotation process plant. We believe that by making a relatively small up-front investment to upgrade the planning and engineering design of the mine today, we will generate a stronger return when production is restarted.”
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Dr. Quinton Hennigh, P.Geo., Chairman of Kuya and a Qualified Person as defined by NI 43-101.
About Kuya Silver Corporation
Kuya is a Canadian‐based silver‐focused mining company acquiring the Bethania Property, located in Central Peru. The Bethania mine was in production until 2016, toll‐milling its ore at various other concentrate plants in the region, and the Company’s plan is to implement an expansion and construct a concentrate plant at site before restarting operations. The Bethania mine produced silver‐lead and zinc concentrates from the run of mine material until being placed on care and maintenance due to market conditions and lack of working capital.
For more information, please contact the Company at:
Kuya Silver Corporation
Telephone: (604) 398‐4493
This news release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.