MONTREAL, Feb. 22,
2023 /CNW/ - Aya
Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF)
("Aya" or the "Corporation") is pleased to announce that
construction of the Zgounder Expansion Project in the Kingdom of
Morocco continues to advance on
schedule.
"We continue to make steady progress with our expansion plans at
the Zgounder Silver Mine as a result of strong execution by our
construction team and local partners," said Benoit La Salle, President & CEO. "With
procurement substantially behind us, we have completed plant bulk
earthworks and are poised to deliver on several important
milestones as we transition through the detailed engineering and
civil works stages. Importantly, delivery of the ball mill and
construction of the tailings remain on their critical paths, with
construction activities on time and budget and commissioning still
planned for Q1-2024."
Zgounder Expansion Update Highlights (as of January 31, 2023 unless otherwise noted)
- Construction remains on schedule: Overall construction
at Zgounder is progressing as planned and in line with the baseline
schedule. Commencement of commissioning of the new plant is
scheduled for Q1-2024 (see Figure 1).
- Underground development advancing well: Over 4,170
meters ("m") of permanent underground infrastructure have been
completed out of the 11,000m program.
Underground development to date is advancing at a rate of
16m per day, in line with the
feasibility planned advance rate.
- Preparations for open-pit mining: The open-pit mining
contractor will mobilize next month.
- Detailed engineering has advanced to over 60%.
- Fixed price Engineering, Procurement and Construction
("EPC"):
-
- Detailed design of the process plant is being advanced by Duro
Felguera as part of its EPC contract.
- Procurement of the mechanical equipment packages is nearing
completion, with only small packages outstanding.
- Fabrication of the 3.3-megawatt ball mill is 62% complete, with
inspection activities launched in January
2023.
- Manufacturing of the crushing equipment has reached 90%
completion. The Factory Acceptance Test inspections are planned for
next month, with site delivery expected in April 2023.
- Construction start of new Tailings Storage Facility
("TSF"): Following completion of its detailed engineering in 2022,
the mandate for the new TSF was awarded in December 2022. Construction of the TSF began in
January 2023 (see Figure 2) for
expected completion before year-end.
- Construction start of new Water Storage Facility
("WSF"): Along with construction of the new TSF, construction of
the new WSF has been launched. Work commenced in January 2023 and will be completed by Q3-2023,
ahead of the plant commissioning.
- Construction of power line underway: Engineering of the
90-kilometer power line was delivered in 2022 with construction
contracted in January 2023.
Construction is planned for completion in Q1-2024.
- Contract for new 60/22 kilovolt electrical substation:
Engineering activities for the primary electrical substation are
complete with bids for construction received. The contract will be
awarded before the end of the month.
- Bulk earthworks near-complete: Bulk earthworks for the
new process plant and emergency water pond have been completed. The
new haulage road has been completed, and widening of the existing
haulage road is scheduled for completion by the end of
Q1-2023.
- Civil works contractor mobilised: Following installation
of the cement batch plant (see Figure 3), construction of the leach
tank foundations commenced in February
2023. All civil construction is expected to be finalized by
Q3-2023.
Qualified Person
The technical information contained in this news release
has been reviewed and approved by Patrick
Perez, P.Eng, Director of
Technical Services, a Qualified Person as defined under NI
43-101.
About Aya
Gold & Silver Inc.
Aya Gold & Silver Inc. is a
rapidly growing, Canada-based
silver producer with operations in the Kingdom of Morocco.
The only TSX-listed pure silver mining company, Aya operates the
high-grade Zgounder Silver Mine and is exploring its properties
along the prospective South-Atlas Fault, several of which have
hosted past-producing mines and historical resources. Aya's
Moroccan mining assets are complemented by its Tijirit Gold Project
in Mauritania, which is being
advanced to feasibility.
Aya's management team is focused on maximising shareholder value
by anchoring sustainability at the heart of its operations,
governance, and financial growth plans.
For additional information, please visit Aya's website at
www.ayagoldsilver.com.
Forward-Looking Statements
This press release contains certain statements that constitute
forward-looking information within the meaning of applicable
securities laws ("forward-looking statements"), which reflects
management's expectations regarding Aya's future growth and
business prospects (including the timing and development of new
deposits and the success of exploration activities) and other
opportunities. Wherever possible, words such as "continues",
"advance", "progress", "planned", "in-line", "advancing", "will",
"expected", "scheduled", "potentially", "ensure",
"expand", "believe", "intend", "ability to" and similar
expressions or statements that certain actions, events or results
"may", "could", "would", "might", "will", or are "likely" to be
taken, occur or be achieved, have been used to identify such
forward-looking information. Specific forward-looking
statements in this press release include, but are not limited to,
statements and information with respect to the exploration and
development potential of Zgounder and the conversion of Inferred
Mineral Resources into Measured and Indicated Mineral Resources,
future opportunities for enhancing development at Zgounder, and
timing for the release of the Company's disclosure in connection
with the foregoing, the capacity of the Company to continue to
advance its expansion plan on time and on budget and the capacity
of the Company to finance its expansion plans. Although the
forward-looking information contained in this press release reflect
management's current beliefs based upon information currently
available to management and based upon what management believes to
be reasonable assumptions, Aya cannot be certain that actual
results will be consistent with such forward-looking information.
Such forward-looking statements are based upon assumptions,
opinions and analysis made by management in light of its
experience, current conditions, and its expectations of future
developments that management believe to be reasonable and relevant
but that may prove to be incorrect. These assumptions include,
among other things, the closing and timing of equity or debt
financing required for the construction of the expansion project,
the ability to obtain any requisite governmental approvals and
enter into necessary investment agreements to facilitate the
investment with certain concessions, obtaining regulatory permits
for on site work, importing goods and machinery and employment
permits, the accuracy of Mineral Reserve and Mineral Resource
Estimates (including, but not limited to, ore tonnage and ore grade
estimates), the price of silver, the price of gold, exchange rates,
fuel and energy costs, future economic conditions, anticipated
future estimates of free cash flow, and courses of action. Aya
cautions you not to place undue reliance upon any such
forward-looking statements.
The risks and uncertainties that may affect forward-looking
statements include, among others: the inherent risks involved in
exploration and development of mineral properties, including
government approvals and permitting, changes in economic
conditions, changes in the worldwide price of silver gold and other
key inputs, changes in mine plans (including, but not limited to,
throughput and recoveries being affected by metallurgical
characteristics) and other factors, such as project execution
delays, many of which are beyond the control of Aya, as well as
other risks and uncertainties which are more fully described in
Aya's 2021 Annual Information Form dated June 16, 2022, and in other filings of Aya with
securities and regulatory authorities which are available on SEDAR
at www.sedar.com. Aya does not undertake any obligation to update
forward-looking statements should assumptions related to these
plans, estimates, projections, beliefs, and opinions change.
Nothing in this document should be construed as either an offer to
sell or a solicitation to buy or sell Aya securities. All
references to Aya include its subsidiaries unless the context
requires otherwise
SOURCE Aya Gold & Silver
Inc