Arequipa, Peru, October 04, 2012 --(PR.com
)-- Inca Peruvian Mining Ltd. is pleased to report on the discovery of a 40 meter shaft and preliminary testing results on the ore extracted from the deeper level.
The joint venture partner was delighted by the discovery of the shaft. It is believed to have been drilled by the previous owner and is nearly complete. It appears that the shaft may have been part of exploration work carried out by artisan miners. Because of the manner in which artisan miners operate, it is possible that this shaft could have been the result of two years work.
The shaft had been well covered and its discovery will have saved over a month of labor costs involved with creating a new one from scratch. The joint venture partner has indicated that some work is required to widen the shaft and implement a pulley system and that this should be completed by next week.
Mining engineers built a ladder and extracted samples of the ore from the bottom levels and had it processed. The results show the grade per ton to be greater than 23. This is more than 3 times the grade of ore that has been extracted from the superficial level which was used as the basis for income projections.
The implications of this is that the joint venture partner will begin focusing all efforts on extracting ore from the lower levels. It is possible that the recently projected levels of daily ore production will not be reached as quickly, however with the higher-grade ore to be extracted now, the same if not higher amount of income could be achieved even faster.
This press release contains "forward-looking information. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "appears", "should", and "indicate". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
There is no guarantee that the laboratory results reported in this news release will lead to the identification of resources that can be mined economically, and further work is required to identify resources and reserve.