Atico Announces Temporary Work Stoppage at El Roble Mine

Rhea-AI Summary

Atico Mining Corporation announced a temporary work stoppage at the El Roble mine due to the installation of a new relief valve for the tailings pipeline. This decision follows a malfunction on February 11, 2021, which caused some material discharge. Immediate repairs and inspections were conducted, and Atico confirms no material threat to health or the environment. Operations are expected to gradually resume within 24 hours after provincial authority inspections. The company prioritizes safety while maintaining its focus on copper and gold projects in Latin America.

Positive

• Prioritization of safety measures at El Roble mine.
• Plans for a gradual resumption of operations within 24 hours.

Negative

• Temporary work stoppage could delay production.
• Recent malfunction of the relief valve caused material discharge.

VANCOUVER, British Columbia, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) reports a temporary work stoppage at the El Roble mine to install a new relief valve for the pipeline that transports material to the tailing’s facility and to perform a final systems inspection.

The safety of people and the environment remains a priority for Atico at the El Roble mine. On February 11, 2021, the relief valve for the tailings pipe malfunctioned and as a result some material was discharged. The Company has taken immediate corrective action and is working with the provincial authority to verify that there are no further actions needed.

On February 11^th, operations immediately halted while repairs were made and a complete inspection of the system was performed.

At this point in time, the Company does not believe the incident posed any material threat to the health of employees, communities, or the environment. After an inspection by the provincial authorities, the Company plans to gradually resume operations in the next 24 hours.

About Atico Mining Corporation

Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing it’s high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com.

ON BEHALF OF THE BOARD

Fernando E. Ganoza
CEO
Atico Mining Corporation

Trading symbols: TSX.V: ATY | OTC: ATCMF

Investor Relations
Igor Dutina
Tel: +1.604.633.9022

Neither the 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.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered 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 in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

Cautionary Note Regarding Forward-Looking Statements

This announcement includes certain “forward-looking statements” within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company’s mineral projects; uncertainty of meeting anticipated program milestones for the Company’s mineral projects; the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the coronavirus pandemic is minimized or not long-term; disruptions related to the COVID-19 pandemic or other health and safety issues, or the responses of governments, communities, the Company and others to such pandemic or other issues; and other risks and uncertainties disclosed under the heading “Risk Factors” in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com.

FAQ

What caused the work stoppage at Atico Mining's El Roble mine?

The work stoppage was due to the installation of a new relief valve for the tailings pipeline after a malfunction on February 11, 2021.

When will operations resume at the El Roble mine?

Operations at the El Roble mine are expected to gradually resume within 24 hours after inspections by provincial authorities.

Did the malfunction at El Roble mine pose a risk to the environment?

Atico Mining stated that the incident did not pose any material threat to health or the environment.

What is the stock symbol for Atico Mining Corporation?

The stock symbol for Atico Mining Corporation is ATCMF, traded on the OTC market.