Inca One Resources (IO.V) announced they have secured a toll mill to process the 20 ton bulk sample from their Corizona project in Peru. The company will use a mill from Grupo Dore, which is approximately 135 km away from the Corizona mine. As the average transportation cost in Peru is approximately $1/km, the distance to the mill shouldn’t be a big problem.
Inca One expects to receive payment from the gold sale within three weeks after delivering the ore to the mill. We anticipate this first delivery to occur within the next two months, and this will give us a clear indication about the expected head grade of the milled material.
Inca One is also looking to acquire its own milling plant which could be used to process the ore from the Corizona project later on.
The company has an option to acquire 100% of the project by making a cash payment of $1.95M by December 19th 2014 to Canadian Mining SA, a private company incorporated in Peru.
> Click here to read the press release
Disclosure: The author holds a long position in Inca One Resources. Inca One Resources is a sponsor of the website. Please see our disclaimer for current positions.
