Karbonate Minerals Corp. Exceeds Expected Output, Expects Substantial Production Growth in 2023 and 2024 From Oruro Project in Bolivia

Karbonate Minerals Corp., a Toronto-based mining company, has exceeded its production guidance at the Oruro project in Bolivia. In just a few months, they have produced an impressive 350 ounces of gold from the Box Zone, surpassing their initial estimate of 150 to 200 ounces. The Oruro project consists of seven zones, and Karbonate Minerals Corp. plans to expand its output to over 2,500 ounces of gold per year by 2023, with an anticipated 500 ounces in the first quarter of next year. The company aims to achieve grades trending towards 6.7 grams of gold per ton.

Charles Nadeau, Chairman and CEO of Karbonate Minerals Corp., emphasized the significance of the Oruro project for the company's growth, citing key decisions in production techniques and project planning. He expressed satisfaction with the steady improvements, including increased processed grades, leading to a production surpassing initial expectations by nearly 100%.

Oliver Denton, Director of Projects at Karbonate Minerals Corp., highlighted the favourable cash costs for the project, projecting them to be around US $850 to US $900 per ounce, well below industry standards for a new start-up.

In the next two years, the company plans to allocate approximately US $10 million to mine developments, US $4 to US $5 million for plant and machinery, and an additional US $3 million for exploration.

Karbonate Minerals Corp. is also conducting a feasibility study for an expansion of their Potosi project (KMC-BOL-02) in Bolivia. The results of the study, which will include a reserve and resource evaluation, are expected before the end of the first quarter next year.