Inca One Resources (IO.V) has announced it processed 205 dry metric tonnes of ore at an average grade of 16.94g/t. As the Chala One mill was able to recover 92.6% of the gold, a total of 111.5 ounces was produced in November. As the Chala One plant has a capacity of 25tpd (750tonnes per month), we expect Inca One to increase its processing and production rate as it sources more ore from surrounding small-scale mining operations. We expect a substantial production increase during Q1 2014 which will allow the company to fund a mill expansion towards 50 tonnes per day which should be up and running by H2 2014.

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Disclosure: The author holds a long position in Inca One Resources. Inca One is a sponsor of the website. Please see our disclaimer for current positions.

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