DGAP-News

Altaley Mining Updates Tahuehueto Mine Pre-production Mill Commissioning and Advises of Change of Control Person - Seite 2

The tailings storage facility is in the final stages of construction and expected to be ready to receive dry stack tailings within 45 days. Tailings currently being generated are being filtered and stored as additional backfill underground.

The Tahuehueto Laboratory is essentially ready to be operational and technicians are calibrating ICP and ancillary equipment expected to be fully operational over the next few days.

Installation of the second 500 tpd ball mill is scheduled over the next several months and the Company anticipates the project will be able to commission this mill during Q4 2022 and ramp up production towards the mine’s designed capacity of 1,000 tpd near the end of 2022.

“Although the commissioning phase of Tahuehueto’s first ball mill has taken longer than anticipated, management is optimistic that most of the start-up issues are behind us and that the project will be able to maintain steady state production with the initial ball mill and thereby begin to increase Tahuehueto’s concentrate sales and revenue over the coming months.” states Ralph Shearing, CEO & President

Controlling Shareholder Intent to Sell

The Company has been advised that Mr. Roberto Guzman Garcia has filed a Form 45-102F1, Notice of Intention to Distribute Securities under Section 2.8 of NI 45-102 Resale of Securities. Mr. Guzman has informed the Company that he intends to sell up to 50 million shares, a majority of his 68,160,172 controlling share position of Altaley as part of a restructuring of his Mexican real estate business. The sales will be made in a series of private transactions or through pre-arranged crosses through the facilities of the TSX Venture Exchange. The purchasers are acquiring the shares as a long-term investment recognizing the underlying intrinsic value of Altaley’s mining assets. It is not anticipated that any of the purchasers will become 10% or greater shareholders of the Company. Mr. Guzman will retain direct or indirect ownership of approximately 18.16 million Altaley shares as a director and significant shareholder of the Company