Construction Update For The Revenue Virginius Mine

VANCOUVER – Aurcana Silver Corporation reported on a construction update for the Revenue Virginius Mine, (RV Mine) located near Ouray, Colorado. The Company remains on track to deliver a ramp up to full production in the second half of 2021. All management personnel have been hired and are currently in place at the RV Mine along with Kevin Drover, President and CEO of Aurcana Silver Corporation who relocated to Ouray at the end of 2020 to directly oversee the restart. The current complement of employees and contractors working at the site is approximately 130 people including 110 working directly for the RV Mine.

The rail-yard building constructed to provide storage of ore car train sets and material storage is completed. Foundations for the reagent building and miners dry room are poured and awaiting structural steel erection.

Debottlenecking of underground infrastructure continues allowing for more efficient development work. Significant progress has been made on #1 and #2 vertical raises to access the initial production stopes, and the vertical development sequence has been optimized to allow horizontal drifting to begin earlier on the lower (closer to rail level) production levels. #3 raise will commence in April. The Hubb-Reed raise is the main secondary escapeway from the mine. The opening has been completed and awaiting installation of the elevator.

All major pieces of equipment have been ordered and are either on-site or in transit. The mill foundation has been poured for the upgraded main mechanical feeder. Current expectations remain for mill commissioning and first ore through the mill in the third quarter of CY2021.