Vancouver, British Columbia, May 30, 2019
Telson Mining Corporation (“Telson” or the “Company” (TSX-V, OTC Pink-SOHFF, Frankfurt-TSGN (formerly SQ82)) is pleased to report its first quarter 2019 summary financial and operating results. The full unaudited consolidated interim financial statements (“Q1 Financial Statements”) and related management discussion and analysis (“Q1 MD&A) for the three months ended March 31, 2019 can be found on the company website at www.telsonmining.com as well as the SEDAR website.
Highlights for the three months ended March 31, 2019
Campo Morado Operational and Financial Highlights
“After taking Campo Morado out of an extended period of care and maintenance just over one year ago, we are very happy to report that for the first time in many years the mine has generated a significant operating profit of C$3.05 million during Q1 2019.” States Antonio Berlanga, CEO, “This was achieved by the Campo Morado operations team’s diligence and hard work in implementing efficiencies, correcting start-up challenges and controlling costs. It is notable the Q1 average daily mill throughput rate was approximately 1,765 tonnes per day and that management is working towards increasing this rate towards 2,500 Tonnes per day during 2019 and thereby expects to increase the operating profit margins through economics of scale.”
Tahuehueto Operational and Financial Highlights
* Cautionary note – As require under IFRS, pre-commercial production revenues, costs and expenses incurred are capitalized to Mineral Interest and Development Assets up to the total of capitalized development asset. Any excess in revenues over the development asset, if any, is presented in the statement of income and comprehensive income as recovery of expenses under other income.
About Telson Mining Corporation
Telson Mining Corporation is a Canadian based mining company with two Mexican gold, silver and base metal mining projects. Effective May 15, 2018 Telson declared commercial production at its 100% owned Campo Morado Mine, which is currently producing zinc and lead concentrates with gold, silver and copper as by-products.
Telson's 100% owned Tahuehueto Project, located in north-western Durango State, Mexico is currently in construction development. Pre-production commenced at Tahuehueto in August 2017, currently mining at a rate averaging approximately 100 tonnes per day and shipping ore to a third-party toll mill for processing. Management has a targeted timeline at Tahuehueto to be producing with its own on-site mineral processing plant, with a designed capacity of at least 1,000 tonnes per day by the end of 2019.
This press release was prepared under the supervision and review of Ralph Shearing, P.Geol., President and Director of Telson Mining Corporation, a Professional Geologist registered in Alberta as a member of the professional association APEGA, and a Qualified Person as defined by NI 43-101.
On behalf of the board of directors
(signed) “Ralph Shearing”
Ralph Shearing, P.Geol, President and Director
Cautionary Note Regarding Production Decisions and Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company’s properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved, the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Neither 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.
For further information about Telson Mining Corporation, please contact:
Corporate Communications Manager
Tel: +1 (604) 684-8071