VANCOUVER, Dec. 3, 2018 /CNW/ - Golden Arrow Resources Corporation (TSX-V: GRG, FSE: GAC, OTCQB: GARWF), "Golden Arrow" or the "Company" is pleased to announce that the Company's joint venture partner in Puna Operations Inc., ("Puna") has declared commercial production at the Chinchillas silver-zinc-lead mine as of December 1st 2018.
Golden Arrow Chairman and CEO Joseph Grosso commented "From our earliest successful exploration program at Chinchillas in 2012 we were convinced that this deposit had the potential to reach commercial production. We thank our partners for their successful execution of this latest stage of the project and look forward to a long and robust mine life to provide value to our shareholders as we continue on our growth path."
In their news release dated December 3, 2018, Puna's operating partner, SSR Mining, reported:
"Activities required to support sustainable ore delivery from the Chinchillas mine to the Pirquitas plant have been completed, including pre-stripping of the pit, completion of road bypasses, refurbishment and mobilization of the haul truck fleet, and construction of the crushed ore stockpile dome at the Pirquitas site. Ore delivery to the Pirquitas plant ramped up through November, and we demonstrated targeted haulage rates. The Pirquitas plant processed Chinchillas ore at a rate of approximately 3,000 tonnes per day during test processing. We expect to progressively increase to our targeted plant throughput rate of 4,000 tonnes per day as the plant transitions to Chinchillas ore in December 2018.
The remaining scope of the Chinchillas project includes the completion of various infrastructure at the Chinchillas and Pirquitas sites, which is expected to be concluded through the first quarter of 2019. The entire project scope is on track to be completed on budget."
Mr. Brian McEwen, P.Geol., VP Exploration and Development to the Company is a Qualified Person as defined in National Instrument 43-101, and has reviewed and approved the contents of the news release.
About Golden Arrow:
Golden Arrow Resources Corporation is an exploration company earning production income. The Company has a successful track record of creating value by making precious and base metal discoveries and advancing them into exceptional deposits. Golden Arrow owns a 25% share of Puna Operations Inc., a joint venture operated by SSR Mining, with more than 8 years of forecast production and upside potential at the Chinchillas silver-lead-zinc mine. Golden Arrow is actively exploring a new portfolio of advanced projects in Chile, as well as other targets within its portfolio of more than 200,000 hectares of properties in Argentina. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
Mr. Joseph Grosso,
Executive Chairman, President and CEO
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This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements.