PFS Filed For The San Bartolome Mine

PFS Filed For The San Bartolome Mine

TORONTO РAndean Precious Metals Corp. has filed the Preliminary Feasibility Study Technical Report for San Bartolom̩ Mine Bolivia. The Technical Report was prepared in compliance with National Instrument 43-101 РStandards for Disclosure for Mineral Projects (NI 43-101). The Company previously released the results of the mineral resource and mineral reserve statement showing an extension of 4.6 years for the San Bartolom̩ operation based on a new proven and probable (2P) mineral reserve estimate.

“The Technical Report further underscores the tremendous strides we have made to replenish our reserves and resources and extend the operating life of San Bartolomé,” said Alberto Morales, Executive Chairman and Chief Executive Officer. “Pursuing opportunities that drive cash flow and profitability is our key priority in Bolivia. Topping our list of growth initiatives remains securing more feedstock through new long-term third-party contracts and from the Bolivian government. In parallel, our team is evaluating potential drill programs at Tollojchi, Altavista, and Paca and regional M&A opportunities.”

The operating life at San Bartolomé is extended by 4.6 years based on new 2P mineral reserve estimate. The Technical Report considers only a portion of the Company’s third-party long-term contracts where sufficient data was available, and excludes feedstock purchased from small independent third-party miners in Bolivia with whom the Company does not have long-term contracts. As of the end of the first nine months ending September 30, 2023, third-party material represented more than 60% of tonnes processed at San Bartolomé and nearly 70% of ounces produced.

Economic grade fines disposal facility (“FDF”) tailings are expected to fully replace pallaco deposits from the flanks of the Cerro Ricco commencing in Q2 2024 and represent approximately 11% of San Bartolomé’s 2024 silver production. San Bartolomé has been in operation since 2008 and requires US$6.7 million to enable the hydraulic mining of the FDF tailings, which is anticipated to commence in the first half of 2024.

The Company’s existing processing plant in Bolivia can run both high-grade silver contracted material and FDF tailings. Future opportunities identified in the Technical Report: 1) San Bartolome plant is one of the only operations that actively acquires and processes oxide mineral not suitable for typical flotation plants in Bolivia. 2) Tollojchi, Altavista, and Paca deposits remain open with potential to increase mineral resources. 3) Current tests of oxygen injection are targeting better FDF tailings recoveries.