PLANT COMMISSIONING PROGRESS UPDATE
Toronto, Canada – February 28, 2022 –Trigon Metals Inc. (TSX-V:TM) (“Trigon” or the “Company”) announces the first shipments of copper concentrate. The first truck load was delivered from the mine to IXM warehouses in Walvis Bay, Namibia, late last week. The truckload contained 31 dry metric tonnes of concentrate, grading 20.41% copper and 265 g/t silver. The truckload is the first of 400 tonnes of concentrate now produced and stockpiled at the Kombat Mine. The balance of the concentrate will be moved to the IXM warehouse, and booked as sold this week.
Commenting, Jed Richardson, President & CEO stated: “Congratulations to the team, as they have achieved another tremendous milestone at Kombat. Overall, we have met our numerous goals in a fast moving process. Commissioning continues on all levels and, following the initial strong performance of the mill announced in January, we have been pushing the mill towards stronger recoveries and continuous operation. The mill is now hitting its stride, we are operating at a steady state 70% capacity, producing over 35 tonnes of concentrate per day. We are working our way to a declaration of commercial production.”
IXM will make provisional payment for tonnes of copper concentrate delivered to port. Provisional payment is 90% of the projected proceeds for the metal content determined by an independent laboratory on site at the mine, with the balance of payment adjusted on final assays by IXM. On May 6, 2021 Trigon announced it had begun the purchases needed to restart the Kombat Mine (See press release, “Copper production planned for 2021 year-end), ten months hence, the mine is generating its first revenues.
IXM is a global merchandizer of base and other non-ferrous metals, with expert teams on every continent. It is among the top copper, zinc, lead concentrate, and cobalt merchants internationally and is a leading trader of refined base metals. It is already active in Namibia, with a strong track record in that region. The company is fully owned by the international mining company, CMOC group, one of the leading suppliers of copper, cobalt, molybdenum, tungsten, niobium and phosphate fertilizer products, with operations across the world.
The technical information presented in this press release has been reviewed and approved for disclosure by Fanie Müller, P.Eng, VP Operations of Trigon, who is a Qualified Person as defined by NI 43-101.
Trigon Metals Inc.
Trigon is a publicly traded Canadian copper mining company, with its core business focused on copper and silver holdings in mine-friendly African jurisdictions. Currently the company has operations in Namibia and Morocco. The 80% owned Kombat Mine in Namibia is the flagship operation where production is forecast to grow to over 30 million pounds of copper produced annually using open pit and underground mining methods. The company controls five mining licences in the Otavi Mountainlands, an area of Namibia widely recognized for its high-grade copper deposits where the Company is focused on growing production at Kombat through development and further exploration. In Morocco, the Company is the holder of the Silver Hill project, a highly prospective copper and silver exploration project.
For further information, contact:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. These statements include statements regarding the shipment of concentrates, forecast production of concentrates and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.